Launched in November 2018, Uniswap was the first decentralized exchange platform to democratize the concept ofAutomated Market Maker (AMM). With more than $6 billion in TVL, Uniswap takes first place among crypto DEXs. The recent explosion of activity on Ethereum layers-2, such as Baseallowed Uniswap to record a new record.
- Uniswap reached a historic volume of $38 billion on Ethereum layers-2 in November, thanks to its multi-chain strategy.
- Uniswap’s UNI token has doubled in value in a month, while Solana continues to dominate the market with record volumes.
Uniswap on top of the world: $38 billion in layer-2 volumes
Initially launched on Ethereum, the Uniswap protocol quickly adopted a multi-chain strategy. Thus, the protocol is deployed on a total of 36 different blockchainsincluding many layers-2 of Ethereum.
According to data compiled by Dune Analytics, Uniswap saw record volume on Ethereum L2sin the month of November.
Thus, the platform recorded more than 38 billion dollars in volume on Ethereum’s main L2s in the space of a month. This represents almost twice as much volume as in October.
In fact, two layers-2 stand out. It is aboutDecision et Basewho have respectively recorded 19 and 13 billion dollars in volume. Thus, between them, they represent 84% of Uniswap volume on L2s.
UNI token performs well
In parallel with the explosion in the price of BTC, which continues to flirt with $100,000, the entire crypto market has benefited from this increase.
Thus, the UNI token, native to Uniswap, is no exception to the rule. Within a month, the UNI token price was multiplied by twogoing from just over $6 at the start of November to over $12 at the time of writing.
Ethereum lagging behind?
Although Uniswap recorded record volume in November, it was not enough to compete with the excitement around Solana.
In fact, over the last 30 days, the Solana DEXs recorded as much as $116 billion in volume. Raydium, Solana’s main DEX, alone recorded $70 billion in volume.
However, unlike Uniswap which is deployed on around thirty blockchains, Raydium records this volume only on Solana.
However, the recent explosion of activity on Base could well change the situation. Indeed, Base exceeded the symbolic mark of 10 million daily transactions for the first time. It now remains to be seen whether this growth will continue and whether Base will be able to catch up with Solana and its memecoins.
