Uniswap sees record monthly volume on L2 as demand for DeFi returns
Uniswap breaks record for monthly volume across Ethereum Layer 2s as decentralized finance (DeFi) buffs flood the ecosystem.
According to data from Dune Analytics, Uniswap has raised a record $38 billion across major Ethereum layer-2 networks, including Baz, Arbitrum, Polygon, Optimum and others.
November's record was $4 billion higher than the record month in March.
Uniswap saw a record monthly volume of Ethereum L2s in November. Source: Dune Analytics
Henrik Andersson, chief investment officer at Apollo Crypto, told Cointelegraph that Uniswap's volumes on Ethereum's layer 2s can be traced back to increased demand in the broader DeFi ecosystem for resources and stablecoins.
“[This is] Based on the DeFi renaissance and the recent rise in ETH/BTC. Onchain production is also increasing,” said Anderson.
Andersen added that this recent rise could be the beginning of a long-awaited breakthrough for the Ethereum ecosystem.
“Anytime Bitcoin closes at 100k, we see Ethereum and DeFi coins start to move.”
Uniswap saw the largest monthly volume on Arbitrum at $19.5 billion, followed by Coinbase-incubated network Base at a close second at $13 billion.
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As of press time, Uniswap stands as the sixth largest protocol by fees, having collected more than $90 million in fees last month, surpassing other protocols, Solana memecoin launchpad Pump.fun and the creator of major networks such as Tron.
The price of Uniswap's native UNI token (UNI) has reflected the protocol's momentum, gaining more than 42% in the past week. At press time, UNI is changing hands at $12.58, up 10% in the last 24 hours.
Overall, UNI stands out among the decentralized exchange tokens, while Solana-based Radium (Ray) fell 2.2% last week, while Jupiter (JUP) rose 7.7% in the same period. time frame.
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