Uniswap Smashes Record for Monthly Volume Across Ethereum Layer 2s as DeFi Renaissance Begins

Uniswap generated a record $38 billion in volume across major Ethereum layer-2 networks, including Base, Arbitrum, Polygon, Optimism and several others.

Uniswap Sets Record With $38B Monthly Volume on Ethereum Layer 2s

Uniswap has smashed its record for monthly volume across Ethereum layer-2 (L2) networks, as decentralized finance (DeFi) users continue to flood back into the ecosystem.

According to data from Dune Analytics, Uniswap generated a record $38 billion in volume on major Ethereum L2s, including Base, Arbitrum, Polygon, Optimism and several others.

The November record surpasses its previous highest month, set in March, by $4 billion.

Henrik Andersson, chief investment officer at Apollo Crypto, told Cointelegraph that the high volumes for Uniswap on Ethereum L2s could be largely 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,” said Andersson.

Andersson added that this recent uptick could be the start of a period of long-awaited outperformance for the Ethereum ecosystem.

Uniswap saw its largest monthly volume on Arbitrum at $19.5 billion, while Coinbase-incubated network Base followed in a close second at $13 billion.

At the time of publication, Uniswap is the sixth-largest protocol when ranked by fees, raking in over $90 million in fees in the last month, outpacing other protocols, including the Solana memecoin launchpad Pump.fun and major networks like Tron and Maker.

The price of Uniswap’s native governance token, UNI, has followed the uptick in activity for the protocol. UNI has gained more than 42% in the last seven days. At the time of publication, UNI is trading at $12.58, up 10% in the last 24 hours.

Overall, UNI is outperforming other decentralized exchange tokens, surpassing the growth of Solana-based Raydium (RAY), which is down 2.2% in the last seven days, as well as Jupiter (JUP), which is up 7.7% within the same timeframe.