Originally published on: November 28, 2024
Uniswap has achieved a significant milestone by setting a new record for monthly volume on Ethereum layer 2 networks as the demand for decentralized finance (DeFi) surges back into the ecosystem.
Data from Dune Analytics reveals that Uniswap has generated an impressive $38 billion in volume across major Ethereum layer 2 networks, including Base, Arbitrum, Polygon, Optimism, and others. This November record exceeded the previous highest month, set in March, by $4 billion.
According to Henrik Andersson, the chief investment officer at Apollo Crypto, the increase in volumes for Uniswap on Ethereum layer 2s can be attributed to the growing demand for assets and stablecoins within the DeFi sector. This trend aligns with the DeFi renaissance and the recent rise in ETH/BTC, as well as the increasing on-chain yields.
The latest surge in volume for Uniswap is seen as the beginning of a potentially long-awaited period of outperformance for the Ethereum ecosystem.
Arbitrum emerged as the top network for Uniswap in terms of monthly volume, recording $19.5 billion, followed closely by Base with $13 billion.
The price of Uniswap’s native UNI token has also reflected this growth, experiencing a 42% increase in the last week. Currently priced at $12.58, UNI continues to outperform other decentralized exchange tokens such as Solana-based Raydium and Jupiter.
As Uniswap solidifies its position as a key player in the DeFi space, its rising volume and token value showcase the platform’s continued success in the evolving crypto landscape.
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