Uniswap has achieved a remarkable milestone by setting a new record in monthly trading volume across Ethereum’s layer-2 networks.
According to data from Dune Analytics, the protocol has generated an impressive $38 billion in volume, significantly surpassing its previous high of $34 billion in March. This recent surge can be attributed to the increased demand for assets and stablecoins within the decentralized finance (DeFi) space. Henrik Andersson, CIO at Apollo Crypto, explains that the broader DeFi resurgence, combined with the rise in Ethereum and Bitcoin valuations, has led to more trading activity and on-chain yield generation.
Andersson suggests that this growth may just be the beginning, with the Ethereum ecosystem potentially outperforming in the long term. He points out the trend of Ethereum and DeFi tokens gaining momentum when Bitcoin approaches significant price levels, such as $100,000. Among the Ethereum layer-2 networks, Arbitrum has led the way by processing $19.5 billion, while the newly launched Base network has contributed $13 billion to the total volume.
The surge in activity on Uniswap is also reflected in the performance of its native token, UNI. Over the past week, UNI has experienced a significant increase of over 40% and is currently trading at $12.58. This rise has solidified UNI’s position as one of the top decentralized exchange tokens, surpassing competitors like Raydium and Jupiter, which are based on Solana and have shown more modest growth.