Uniswap layer 2 users increased by 350% when the Pudlana meme coin was about to list.
Uniswap Layer 2 users are up 350%, but transaction volume is down 39% since May. Pudlana's pre-sale raised $6.3m, listing for August 16 on Radium. Pudlana token POODL is currently valued at $0.0499 and the price is increasing every 72 hours before listing.
In the rapidly evolving crypto landscape, two key developments have caught the community's attention. Uniswap's Layer 2 (L2) user base has increased by 350% in recent months, while Pudlana (POODL), a meme coin based on the viral Solana, is nearing the highly anticipated listing on Raydium.
Both events highlight interest in decentralized finance (DeFi) and innovative token projects as market dynamics change.
Uniswap Layer 2 User Addition
Uniswap, the leading decentralized exchange (DEX) by transaction volume, has recently seen a significant increase in its Layer 2 (L2) user base.
From May to July, unique addresses connecting to Uniswap via L2s grew from 1.82 million to an impressive 8.93 million, a 350% increase.
June and July each set a series all-time high, far surpassing April's record of 2.12 million.
This increase in user activity comes with a caveat. Despite the dramatic increase in unique addresses, Uniswap's overall transaction volume is steadily declining.
After reaching an all-time high of $33.6 billion in March, monthly protocol volume fell 31 percent to $23.2 billion in June and 12 percent to $20.5 billion in July. This 39 percent drop between May and July suggests that while more users are engaging with Uniswap on L2s, they may be making smaller transactions.
The disproportionate increase in users and corresponding decrease in transaction volume make the quality of user growth a concern. Analysts have pointed out that this pattern is reminiscent of Sybil attacks, where users create multiple addresses to control protocols in anticipation of airdrops.
A closer look at the data reveals that 80% of Uniswap's monthly active traders in July were focused on Coinbase's L2, Base, which is suspected to be the main area of Sybil activity.
When Base is excluded from the data, Uniswap unique monthly addresses on L2s have been steadily decreasing since April. While it is unlikely that all activity on the Base is due to Sybil attacks, the situation warrants caution. The sharp increase in users on L2s, especially on Base, may not fully reflect organic growth, but speculative activity driven by future rewards.
Pudlana prepares to launch “The Hermes of Crypto”.
While Uniswap navigates the complexities of its L2 development, Pudlana (POODL), another project is creating buzz in the crypto community.
Dubbed the “Hermes of Crypto,” Pudlana is a Solana-based meme coin that has attracted investors for its unique high fashion and poodle-themed branding.
The presale auction ends on August 16, with the coin available for the first time on Solana's decentralized exchange Radium at a list price of $0.060.
Pudlana's pre-sale grossed over $6.3 million and attracted a lot of attention from the Asian market, especially countries like Korea and Japan.
The project's appeal lies not only in its luxury-themed marketing, but also in its strategic community-building efforts. With over 16,000 followers on various social media platforms, Pudlana engages the community with weekly memorabilia contests, AMAs and special pre-sale events.
Investors are drawn to Pudlana's pre-sale structure, which is specifically designed to encourage early participation. The token's price increases every 72 hours, prompting investors to act quickly to secure their holdings at a lower price. At press time, the POODL token was going for $0.0499.
The absence of lock-in or rest periods increases the appeal of the project, which immediately brings liquidity when listed.
Pudlana's roadmap is equally ambitious with plans to expand beyond the original DEX list. The project aims to be listed on major centralized exchanges, further increasing its accessibility and liquidity.
In addition, Pudlana is developing a massive marketing campaign involving top influencers, high-end fashion brands and lifestyle brands. This wide distribution, combined with the unique branding of the project, has made Pudla stand out in the meme coin market.
When Pudlana debuts, it joins a broader trend of innovative crypto projects that are redefining the space. With its fashion-forward approach and strategic market positioning, Pudlana represents a new generation of meme coins that can make a lasting impact on the market.
Summary
As Uniswap's L2 user base expands and Pudlana's launch approaches, these developments highlight the dynamic nature of the crypto market.
While Uniswap's growth raises questions, Pudlana's innovative approach could set new standards for meme coins, highlighting the continued evolution and potential of decentralized finance and innovative token projects.
To know more about the ongoing Pudlana Presale and to invest in it, visit the official website here.
