Uniswap Hits $38B Monthly Volume on Ethereum Layer 2s, Setting New Record

Uniswap has shattered its monthly volume record on Ethereum layer-2 networks, signaling a resurgence of interest in decentralized finance (DeFi).

According to Dune Analytics, the decentralized exchange processed $38 billion in volume across major Ethereum layer-2 platforms like Base, Arbitrum, Polygon, Optimism, and others in November.

The milestone surpasses the previous record set in March by $4 billion.

DeFi Demand Drives Uniswap’s Layer-2 Activity Surge

Henrik Andersson, Chief Investment Officer at Apollo Crypto, attributed the surge in Uniswap’s layer-2 activity to the growing demand for assets and stablecoins in the broader DeFi ecosystem.

He noted that this aligns with what he calls a “DeFi renaissance,” spurred by rising on-chain yields and increasing ETH/BTC momentum. “

Every time Bitcoin approaches $100,000, we see Ethereum and DeFi tokens start to gain traction,” Andersson explained.

Since April @0xflatmoney's UNIT has outperformed ETH with a fraction of the volatility – currently at $4,000. pic.twitter.com/rDKZbyS9hF

— Henrik Andersson (@phenrikand) November 27, 2024

Arbitrum led the way with $19.5 billion in volume, while Base, incubated by Coinbase, contributed $13 billion.

These figures highlight the growing importance of Ethereum layer-2 solutions in driving DeFi adoption and scalability.

In addition to its volume growth, Uniswap also ranks as the sixth-largest protocol by fees, generating over $90 million in the past month.

This puts it ahead of competitors like Tron, Maker, and even the Solana memecoin platform Pump.fun.

The increased activity has also boosted Uniswap’s native UNI token, which saw a weekly price surge of over 42%.

As of publication, UNI trades at $12.58, up 10% in the past 24 hours. UNI’s performance has outpaced other decentralized exchange tokens, including Solana-based Raydium, which declined 2.2% this week, and Jupiter, which rose by 7.7%.

With its record-breaking performance, Uniswap continues to solidify its position as a leader in the DeFi ecosystem, benefiting from the growing adoption of Ethereum layer-2 technologies.

Solana DEXs Hit Record $100B Monthly Trading Volume

Solana’s monthly trade volume on decentralized exchanges (DEXs) has reached a new milestone, particularly driven by the popularity of meme tokens.

On Nov. 25, for the first time, the monthly trading volume on Solana’s DEX platforms exceeded $100 billion, currently standing at $109.78 billion.

Solana’s monthly DEX volume has grown significantly in November compared to previous months, increasing over 330% from September’s 25.43 billion and 108% from October’s 52.49 billion.

As reported, Solana-based decentralized applications (DApps) have also registered record fees and revenue, driven by a renewed meme coin frenzy.

Meanwhile, institutional investment in Solana-based blockchain applications rebounded in the third quarter of 2024, with Solana’s decentralized applications (DApps) attracting $173 million across 29 funding rounds.

This marks a 54% rise from the previous quarter, signaling renewed interest in the Solana ecosystem despite a 37% decline in the number of funding rounds, according to a recent Messari report.

Per the report, this influx of capital represents the highest investment level in Solana projects since Q2 2022.

The third quarter also saw a dramatic increase in Solana’s fee-related metrics.

Average daily fee payers reached 1.9 million, an impressive 109% increase quarter-over-quarter, while new fee payers surged 430% to 1.3 million.