Originally published on: November 28, 2024
Uniswap shattered records with its unprecedented monthly trading volume on various Ethereum layer 2 networks, drawing back decentralized finance enthusiasts.
Data from Dune Analytics reveals that Uniswap clocked in an impressive $38 billion in trading volume across prominent Ethereum layer 2 networks like Arbitrum, Polygon, Optimism, and others. This milestone in November easily surpassed the previous monthly high set back in March by a whopping $4 billion.
The surge in Uniswap’s trading volume on Ethereum layer 2 networks can be attributed to the increasing demand for assets and stablecoins in the DeFi ecosystem, according to Henrik Andersson, the chief investment officer at Apollo Crypto. He noted that this uptick aligns with the DeFi resurgence and the recent surge in the ETH/BTC pair, alongside the rising on-chain yields.
With Uniswap recording its highest monthly volume on Arbitrum at $19.5 billion, closely followed by Base with $13 billion, the protocol continues to dominate the decentralized finance landscape. As Uniswap stands as the sixth-largest protocol by fees, generating over $90 million in fees in the past month, it outshines competitors like Tron, Maker, and even the Solana meme coin launchpad, Pump.fun.
The trading activity surge has also had a positive impact on Uniswap’s native UNI token, which has seen a remarkable 42% increase in value over the past week. Currently priced at $13.15, UNI has been trading hands at $12.58, marking a 10% uptick in the last 24 hours.
In comparison to other decentralized exchange tokens, UNI has outperformed tokens like Raydium (RAY) and Jupiter (JUP), showcasing its strength and resilience in the market.
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