Uniswap Records Highest-Ever Monthly Trading Volume Across Ethereum Layer-2 Networks

Henrik Andersson, chief investment officer at Apollo Crypto, attributed the surge in Uniswap's volume to growing demand for assets and stablecoins within the decentralized finance (DeFi) space.

Uniswap Sets New Record With $38 Billion in Monthly Trading Volume on L2s

Decentralized finance (DeFi) exchange Uniswap has set a new record for monthly trading volume on Ethereum layer-2 (L2) networks.

According to Dune Analytics data, the exchange processed $38 billion in volume on networks like Arbitrum, Polygon, Optimism, and Base. This marks a $4 billion increase from its previous record, set in March.

The largest share of Uniswap's volume came from Arbitrum, which accounted for $19.5 billion. The Base network, incubated by Coinbase, followed closely with $13 billion in volume.

In terms of fees, Uniswap ranked as the sixth-largest protocol, earning over $90 million in the past month. This placed it ahead of other notable protocols like Solana's memecoin launchpad Pump.fun, as well as Tron and Maker.

The surge in trading activity has also benefited Uniswap's native UNI token, which saw a 42% increase in value over the past week. As of press time, UNI was priced at $12.58, up 10% in the past 24 hours.

The gains outpaced that of other decentralized exchange tokens, including Solana-based Raydium (RAY), which dropped 2.2% over the week, and Jupiter (JUP), which gained 7.7%.

Uniswap is the leading decentralized exchange (DEX) in terms of daily trading volume, with a 22.5% market share. This surge in L2s trading volume comes amid increasing regulatory scrutiny on DEXs.

The SEC recently subpoenaed Uniswap Labs, the company behind the DEX, over its initial decentralized offering (IDO). This follows a similar subpoena sent to SushiSwap's operating company last year.