Uniswap’s L2 activity reached a historic high of $38 billion in November

Uniswap sets a new record for monthly trading on Ethereum Layer 2 solutions as DF users flock to the platform.

According to data compiled from Dune Analytics, Uniswap recorded $38 billion in trading activity on major L2 networks, including Base, Arbitrum, Polygon and Optimism. November's total surpassed the record set in March by $4 billion.

Uniswap Labs explained,

“Onchain history is being made. New all-time high for monthly L2 volume on Uniswap protocol.

With a monthly transaction volume of $19.5 billion, Arbitrum tops Uniswap's charts, followed by the Coinbase-incubated Base network at $13 billion. Uniswap's growing activity on Ethereum Layer 2s could be attributed to increased appetite from the broader DeFi sector for assets and stablecoins.

Defiance Capital founder Arthur Cheng drew parallels between the ongoing DeFi renaissance and the renaissance in Europe, emphasizing its potential to redefine global finance. Just as the European Renaissance marked a cultural and intellectual renaissance, the DeFi movement is reshaping traditional finance using blockchain technology and smart contracts, Cheng said at The Last X.

The executive said Diffie will democratize access to financial services, eliminate inefficiencies and provide a trustless, 24/7 financial ecosystem. The sector is now entering a growth phase after overcoming the “path of frustration” with improved infrastructure, regulatory transparency and macroeconomic factors such as lower interest rates.

With improvements in user experience, security and emerging trends such as liquidity staking and re-custody, DeFi is evolving into a scalable and efficient alternative to traditional financial systems. Cheng added that this is not only an evolutionary trend, but a seismic shift in the financial landscape.