Contents
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.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
