Uniswap Sets New Record with $38 Billion Monthly Trading Volume on Ethereum’s Layer-2 Networks

Unprecedented Trading Volume Achievement

Uniswap has recently achieved a remarkable milestone by recording a monthly trading volume of $38 billion across Ethereum’s layer-2 networks, surpassing its previous high of $34 billion in March.

Reasons Behind the Surge

The surge in trading volume can be attributed to the increased demand for assets and stablecoins in the decentralized finance (DeFi) sector. Experts attribute this growth to the broader DeFi revival and the rise in Ethereum and Bitcoin valuations, leading to heightened trading activity and on-chain yield generation.

Potential Long-Term Growth in Ethereum Ecosystem

Analysts believe that this recent growth could be just the beginning, with the Ethereum ecosystem poised for long-term outperformance. They point out that Ethereum and DeFi tokens tend to gain momentum when Bitcoin reaches significant price levels, such as $100k. Among the layer-2 networks on Ethereum, Arbitrum processed $19.5 billion in volume, while the newly launched Base network contributed $13 billion.

Impact on UNI Token

The surge in Uniswap’s activity is reflected in the performance of its native UNI token, which has seen a significant increase of over 40% in the past week, trading at $12.58. This rise has solidified UNI’s position as one of the top decentralized exchange tokens, surpassing competitors like Raydium and Jupiter.