[Uniswap sets a record: the number of exchanges on Layer 2 exceeds 4 million in one month]
Well-known decentralized cryptocurrency exchange Uniswap recently hit a major milestone, surpassing four million swaps per month on its Layer 2 (Layer2) platform. According to data from Uniswap Labs, this is nearly double its previous all-time high, showing the growing popularity of Layer 2 in the DeFi ecosystem.
According to Dune Analytics, major Layer2 solutions such as Arbitrum, Optimism, Polygon, Base, Zora, and zkSync were behind the four million swaps on Uniswap.
Arbitrum (ARB) attracts a large number of users due to its strong security and low fees. Arbitrum uses ArbGas to track the cost of on-chain execution. Each Arbitrum VM instruction has an ArbGas cost, and the computational cost is the sum of the ArbGas costs of the instruction.
Optimism (OP) has also become a popular choice for DeFi projects. Optimism is similar to Arbitrum in that it only deploys when a bad block is found instead of every transaction. There are cross-chain bridges on both networks, allowing tokens to flow between Layer 1 and Layer 2. Optimism is achieving more decentralization with its recent proof-of-failure upgrade, giving users the ability to request and challenge withdrawals.
Ethereum Layer2 network Base also played a major role in Uniswap’s rally. In early June, the protocol’s total value locked (TVL) exceeded $8 billion, surpassing Optimism to become the second-largest Ethereum Layer 2 network. Backed by Coinbase, Base has grown significantly since launching in August 2023. Recently, the on-chain perpetual protocol SynFutures was launched on Base. Users can now trade and provide liquidity on SynFutures V3 through Base while earning points.
While the surge in Layer 2 exchange volume on Uniswap signals a fundamental shift in the ecosystem, the price of its native token UNI appears to be moving sideways. Analysts are watching in hopes that the coin can regain momentum, with Uniswap resistance levels expected to be near $10.15 and $12.90, suggesting that the coin still has a long road to recovery.
