DeFi Resurgence: Uniswap Sets New Benchmark with $38B Volume Across Arbitrum, Base, and Polygon
With the return of enthusiasts for decentralized finance (DeFi) to the Ethereum ecosystem, Uniswap broke its monthly volume record. Dune Analytics data shows that Uniswap generated a record $38 billion in volume across numerous key Ethereum layer-2 networks, including Base, Arbitrum, Polygon, and Optimism. Its previous peak month, reached in March, was eclipsed by $4 billion in November. Apollo Crypto’s chief investment officer, Henrik Andersson, told Cointelegraph that the higher demand for assets and stablecoins in the larger DeFi ecosystem was the reason behind the volumes for Uniswap on Ethereum layer 2.
This is in line with the DeFi renaissance and the recent increase in ETH/BTC. Onchain yields are also rising. Every time Bitcoin closes in on 100k, we have seen Ethereum and DeFi coins starting to move.
Andersson
Andersson added that there might be an impending phase of long-awaited outperformance in the Ethereum ecosystem. Base, a network created by Coinbase, was in second with $13 billion, while Uniswap had the most monthly volume on Arbitrum at $19.5 billion.
Uniswap Outpaces Major Protocols, Collecting $90M in Monthly Fees
By collecting more than $90 million in fees in the past month, Uniswap has surpassed other protocols, such as the Solana memecoin launchpad Pump.fun and well-known networks like Tron and Maker, to become the sixth-largest protocol in terms of fees as of the time of writing. The price of Uniswap’s native UNI coin, which has increased by more than 37.90% in the past week, reflects the increase in activity for the protocol. UNI is trading at $12.61 at the time of writing, down 2.58% over the previous day.
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