The Ethereum (ETH) ecosystem seems to be waking up more and more from its long hibernation. The prices have demanded all the attention lately and layer-2 networks in particular have seen a large increase in use.
In fact, this has caused Uniswap (UNI), the leading DeFi protocol on Ethereum, to record its highest monthly trading volume on layer-2 networks ever.
$38 billion in volume on Uniswap
Uniswap is the world’s largest decentralized exchange (DEX) running on the Ethereum network. But users can also use Uniswap on the many Ethereum scaling networks for faster and cheaper transactions.
According to data from Dune Analytics, Uniswap generated $38 billion in trading volume across all layer-2 networks combined last month. That is a whopping $4 billion higher than the old record set in March.
The most traded was on Arbitrum, with a total volume of $19.88. This is followed by Base, the Ethereum scaling network of crypto exchange Coinbase, with $13.43 billion.
The total volume is a lot higher than what we have seen in recent months. In October, just over $20 billion was traded on Ethereum layer-2 networks, and in September it was even under $15 billion.
Henrik Andersson, the chief investment officer at Apollo Crypto, told Cointelegraph that the higher volumes for Uniswap on Ethereum Layer 2s come from increased demand for assets and stablecoins in the broader DeFi ecosystem.
“This fits with the resurgence of DeFi and the recent rise of ETH/BTC. On-chain returns are also increasing,” Andersson added.
Uniswap is no exception. Earlier this week you could already read in the Ethereum news that the overall activity on Ethereum layer-2 networks has increased considerably.
UNI and other ETH tokens are rising fast
The price of Uniswap’s own UNI token is also one of the best performing top 100 cryptocurrencies of the past day, with an increase of 8.78%.
And it’s not the only token within the Ethereum ecosystem doing great today. Ethena (ENA) is up 10.92%, Ethereum Classic (ETC) is up 11.04%, and Ethereum Name Service (ENS) takes the cake with an enviable rise of 46.66%. Ethereum itself is also doing well with a gain of 4.38%.
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Source: https://newsbit.nl/defi-heropleving-uniswap-boekt-recordvolume-op-ethereum-layer-2s/
