With the resurgence of users interested in decentralized finance (DeFi) returning to the Ethereum ecosystem, decentralized exchange Uniswap has set a new monthly trading volume record on Ethereum Layer 2 network.
According to data from Dune Analytics, Uniswap’s trading volume on major Ethereum L2s (including Base, Arbitrum, Polygon, Optimism, and several others) reached $38 billion this month, surpassing the previous record set in March by $4 billion. Among them, Uniswap’s monthly trading volume on Arbitrum was the highest, reaching $19.5 billion, followed closely by Base, a Layer 2 network incubated by Coinbase, reaching $13 billion.
Source: Dune Analytics
Henrik Andersson, Chief Investment Officer at Apollo Crypto, stated in an interview with Cointelegraph that the growth of Uniswap’s trading volume on Ethereum Layer 2 is related to the increasing demand for assets and stablecoins in the broader DeFi ecosystem. He said:
Andersson added that the recent surge in activity could be the beginning of a long-awaited period of outperformance for the Ethereum ecosystem, stating, “Every time Bitcoin approaches $100,000, we see Ethereum and DeFi tokens start to rise.”
According to data from DefiLlama, Uniswap ranks as the sixth-largest blockchain protocol in terms of fees generated, with over $90 million in fees earned in the past month, surpassing Solana ecosystem meme coin issuance platform Pump.fun but lagging behind Solana’s automated market maker protocol Raydium.
The recent price performance of Uniswap’s native token, UNI, also reflects the growth in protocol activity, rising over 42% in the past week. As of the time of writing, UNI’s trading price is $12.6. Data source: [Insert data source]
Successful Conclusion of CoinEx Taiwan’s 7th Anniversary Celebration, Embracing the Arrival of the Web3 Era Hand in Hand with Users
Since its establishment in 2017, CoinEx has been a professional cryptocurrency trading pla…