Uniswap Records $38B Monthly Trading Volume, Becomes a Top Fee Producer

Uniswap's performance was outstanding in November, recording a $38 billion monthly trading volume. This surge is the exchange's cumulative performance

Decentralized cryptocurrency exchange Uniswap (UNI) had an outstanding performance in November, recording a $38 billion monthly trading volume. This performance is the exchange’s cumulative performance across several Ethereum Layer-2 solutions.

In comparison to last month’s記録, this performance is outstanding. Uniswap’s performance also outdid the previous record of $34 billion in March 2024. The exchange’s monthly volume also spiked by almost 50% from $20.32 billion in October 2024.

Ethereum layer-2 scaling solution Arbitrum contributed the most to Uniswap’s performance. Arbitrum saw $19.5 billion in Uniswap trading volume. Other platforms like Base and Polygon followed with $9.19 billion and $4.33 billion, respectively. These three platforms are known for their scalability and cost-effectiveness, thus attracting many activities.

Uniswap Ranks 6th in Fees, Beating Tron, Maker

According to data from DeFi Llama, Uniswap ranks sixth among protocols in terms of fees and revenue. The decentralized finance platform’s fees rose to $5.44 million on all platforms. While it trails slightly behind Solana, the exchange outpaces major protocols such as Tron, Maker, and the meme coin marketplace Pump.fun.

Chief investment officer at Apollo Crypto Henrik Andersson noted that volumes for Uniswap on Ethereum layer 2s could be attributed to an increased demand for assets and stablecoins in the broader DeFi ecosystem.

“This is in line with the DeFi renaissance and the recent increase in ETH/BTC. Onchain yields are also rising.”

UNI Price Surges 10% as Decentralized Finance Resurges

After a massive week of gains, the price of Uniswap’s native token UNI has surged by 10% in the past 24 hours. The token has seen a 10% growth, currently trading at $12.74. In the past week, UNI has cumulatively gained up to 44.78%. The token has maintained a market cap of $7.7 billion, becoming the 26th largest crypto.

Uniswap’s performance also comes as decentralized finance is seeing a resurgence in 2024. The performance of various blockchains like Solana makes it easy to predict. Solana also had an outstanding November performance as the token scaled new heights.

Solana’s November monthly decentralized exchange trading volume also broke its record-high by reaching $109.73 billion. Solana’s monthly DEX volume surged over 50% compared to last month’s $52.49 billion monthly volume.

Solana and Uniswap’s new record-breaking milestones could signify a more considerable resurgence of interest in decentralized finance.