November 2024 marks a milestone for the decentralized exchange.

$UNI swap has set a new record for monthly trading volume, reaching $38 billion in November 2024. This achievement surpasses its previous high of $34 billion recorded in March 2024, driven by the adoption of Ethereum Layer-2 solutions like Arbitrum, Base, and Polygon.

Substantial Growth in Trading Activity

Uniswap’s November trading volume saw a remarkable increase of nearly 50% compared to October’s $20.32 billion. Leading this surge was the Ethereum Layer-2 solution Arbitrum, which accounted for $19.5 billion of the total volume. Other contributors included Base with $9.19 billion and Polygon with $4.33 billion, platforms known for their scalability and cost-efficient transactions.

Revenue Leadership Among DeFi Protocols

According to data from DeFi Llama, Uniswap ranks sixth among decentralized protocols in terms of fees and revenue, generating $5.44 million in total fees. While trailing Solana in this metric, Uniswap outpaced other major protocols such as Tron, Maker, and Pump.fun.

Henrik Andersson, Chief Investment Officer at Apollo Crypto, attributed the volume increase on Ethereum Layer-2 networks to growing demand for assets and stablecoins within the decentralized finance (DeFi) ecosystem.

UNI Token Surges Amid Platform Growth

Uniswap’s success has positively impacted its native token, UNI. Over the past 24 hours, UNI rose by 10%, reaching $12.74. The token has recorded a weekly growth of 44.78%, pushing its market capitalization to $7.7 billion, making it the 26th largest cryptocurrency.

Decentralized Finance Revival

Uniswap’s record-breaking performance reflects a broader revival in the DeFi sector. Other blockchain platforms, such as Solana, also experienced significant growth in November. Solana’s decentralized exchanges reported $109.73 billion in trading volume, a more than 50% increase from October’s $52.49 billion.

Implications for the Future

The milestones achieved by Uniswap and Solana highlight the increasing relevance of decentralized exchanges within the cryptocurrency ecosystem. This renewed momentum in DeFi underscores its growth potential, signaling further expansion and innovation in decentralized financial systems.

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