DeFi exchange Uniswap set a record in November with a whopping $38 billion trading volume across the largest Ethereum layer-2 scaling solutions.
DeFi exchange Uniswap has set a new record with a staggering $38 billion trading volume on the largest Ethereum layer-2 scaling solutions in November. This marks a $4 billion increase from the platform’s previous all-time peak in March, as reported by Dune Analytics.
The大な achievement is largely driven by activity on Arbitrum, Base, Optimism, and Polygon. Arbitrum leads the way with $19.5 billion, followed by Base, a Coinbase-backed network, which contributes $13 billion to the total.
According to Henrik Andersson, Apollo Crypto’s Chief Investment Officer (CIO), the surge in Uniswap’s layer-2 activity is due to a heightened interest in stablecoins and other assets within the DeFi ecosystem. "This aligns with the ongoing DeFi renaissance and the recent ETH/BTC rally," he adds. Andersson also highlights the rising on-chain yields as a factor that entices investors back to the platform.
"If you're feeling optimistic about the Ethereum ecosystem, this price action could be the start of that much-anticipated breakout period. Every time Bitcoin approaches $100,000, we see strong performance from ETH and DeFi tokens," notes Andersson.
Uniswap’s activity has also resulted in substantial fee generation. Over the last month, the platform has earned more than $90 million in fees, making it the sixth protocol in terms of fee revenues. It ranks higher than notable peers like Maker DAO and Tron DAO, as well as Solana-based Pump.fun, which saw increased activity due to the launch of a meme coin.
The increased use of Uniswap has also benefited the platform’s native token, UNI. Over the past seven days, UNI's price has surged by nearly 38%, outperforming other decentralized exchange tokens. At the time of writing, UNI is trading at $12.82, showing a 2.62% gain in the last 24 hours.
This trend could continue as rising DeFi activity and potential strength in a major bull market for Ethereum may drive further demand for decentralized exchange services. While other tokens show mixed results, with Solana-based Raydium (RAY) declining by 2.75%, Jupiter (JUP) rose by 3.85%, the top performance by UNI highlights the returning strength of Ethereum-based DeFi protocols.
The record-breaking month cements Uniswap's dominance in the decentralized exchange market as Ethereum layer-2 scaling solutions become increasingly critical for sustained DeFi growth. Moreover, amid the uptrend in the crypto market, the UNI price also appears poised to continue its strong performance.
