As an analyst with over a decade of experience in the cryptocurrency market, I find the recent surge in Uniswap’s monthly volume across Ethereum layer 2s nothing short of impressive. Having witnessed the ebb and flow of numerous bull and bear markets, it is evident that the DeFi ecosystem is once again gaining traction, fueled by increased demand for assets and stablecoins.
Uniswap surpassed its previous monthly trading volume record on Ethereum’s layer 2 platforms, as enthusiasts of decentralized finance flocked back to this ecosystem.
As per Dune Analytics’ findings, Uniswap recorded an unprecedented trading volume of approximately $38 billion on prominent Ethereum layer-2 platforms like Base, Arbitrum, Polygon, Optimism, and additional networks.
The November record surpasses its previous highest month, set in March, by $4 billion.
According to Henrik Andersson, head of investments at Apollo Crypto, the surge in trading volumes for Uniswap on Ethereum‘s layer-2 solutions can be linked to a growing appetite for digital assets and stablecoins within the larger Decentralized Finance (DeFi) market.
According to Andersson, this trend aligns with the resurgence of Decentralized Finance (DeFi) and the recent surge in ETH/BTC values. Furthermore, he mentioned that returns generated on-chain are also experiencing an upward trend.
Andersson noted that this latest surge might mark the beginning of an extended phase where the Ethereum ecosystem is expected to finally excel, a development long anticipated.
“Every time Bitcoin closes in on 100k, we have seen Ethereum and DeFi coins starting to move.”
In the past month, Uniswap recorded its highest monthly trading volume of approximately $19.5 billion on the Arbitrum platform, with the Coinbase-backed network Base coming in as a close second at around $13 billion.
Currently, at the time of release, Uniswap occupies the sixth position among all protocols when ranked by transaction fees. In the past month alone, it has generated over $90 million in fees. This figure surpasses that of other protocols such as Pump.fun, a memecoin launchpad on Solana, and established networks like Tron and Maker.
The value of Uniswap’s own UNI token (UNI) has mirrored an increase in activity within the protocol, soaring over 42% in just the past week. Currently, each UNI is being traded for approximately $12.58, marking a rise of around 10% within the last day.
In summary, UNI has outperformed other tokens in the decentralized exchange market, with stronger growth than Raydium (RAY), which experienced a 2.2% decline over the last week, and Jupiter (JUP), which saw a 7.7% increase during the same period.
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2024-11-28 08:49