Uniswap has achieved a new monthly record volume on Ethereum Layer 2 chains, indicating early growth in the Ethereum ecosystem. According to Dune Analytics, the decentralized finance (DeFi) platform generated $38 billion in volume on major Layer-2 networks like Base, Arbitrum, Polygon, and Optimism.
The platform’s token price also reflects this increase in volume. Henrik Andersson, Chief Investment Officer of Apollo Crypto, attributes the increase in Uniswap volume on Ethereum Layer 2 networks to higher demand for assets and stablecoins in the DeFi ecosystem. This growth aligns with the DeFi renaissance and recent price increases for Ethereum and Bitcoin.
Uniswap had its highest monthly turnover on Arbitrum, with $19.5 billion, and is currently the sixth-largest protocol by fees, earning over $90 million in the past month. The native UNI token increased by 42% in the past week, trading at $12.58, up 10% in the last 24 hours.
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