37% of Ethereum L2 volume is made up by Uniswap DEX.
Uniswap, the leading decentralized exchange (DEX) on Ethereum, has significantly increased its trading volume on layer 2 blockchains compared to two years ago. Currently, it accounts for approximately 37% of the total trading volume on layer 2, operating on the second-largest blockchain, Ethereum (ETH).
According to Tom Wan, a researcher at 21.co, Uniswap’s L2 volumes have grown by over 650% in the past 24 months, surpassing $30 billion this year from around $4 billion in 2022. Wan believes that this growth trend could continue if more high-quality protocols are launched on layer 2 networks such as Arbitrum, Coinbase’s Base, and Optimism.
Data reveals that Uniswap has only contributed 2.9% of the total volume on altcoin L1s. However, Wan believes that this could change in the future as high-performance EVM-compatible L1s and a multichain expansion strategy could enable the DEX to capture more volume on networks like Sei and Monad.
Uniswap, which was the first DEX on Ethereum, remains the largest on-chain trading venue on the crypto L1 blockchain. It has a cumulative trading volume of over $2 trillion across 17 chains and has attracted over $5.5 billion in total value-locked, according to DefiLlama.
Founded in 2017 by Hayden Adams, Uniswap is now facing potential enforcement action from the U.S. Securities and Exchange Commission (SEC), which is currently cracking down on the crypto industry. The SEC has served Uniswap a Wells Notice, and the DEX plans to defend itself against what it considers to be a “disappointing but not surprising” decision.
Read more:
Crypto industry expresses anger as SEC targets Uniswap
