The Uniswap Protocol $UNI recorded trading activity of $38 billion on the second layer networks Base, Arbitrum, $ARB Polygon, and Optimism, $OP which became a new historical maximum. The trading volume in November exceeded the previous maximum of $4 billion set in March.

Arbitrum took first place in monthly trading volume with a figure of $19.5 billion, followed by the Base network launched by the American cryptocurrency exchange Coinbase (NASDAQ:COIN), with a figure of $13 billion. The growing Uniswap activity using second layer solutions may be linked to increased user interest in the decentralized finance (DeFi) sector and stablecoins.

Defiance Capital founder Arthur Cheong compared the current development of DeFi to the Renaissance Era in the history of European culture, as this sector helps to rethink global finance. The Renaissance marked a cultural and intellectual awakening in Europe, and the DeFi sector, through blockchain technology and smart contracts, is bringing changes to traditional finance, wrote Cheong on social media.