30s Summary

Uniswap achieved a record $38 billion trading volume across multiple Ethereum layer-2 networks in November, crushing its past record by $4 billion. The high volume is attributed to increased demand in decentralized finance (DeFi) and the rise in Ethereum’s value against Bitcoin. Uniswap achieved its most monthly volume on Arbitrum ($19.5 billion), closely followed by Base ($13 billion). Uniswap, which earned over $90 million in fees last month, is the sixth largest protocol by fees and its UNI token gained over 42% in the past week.

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Uniswap just crushed its own record for monthly volume through Ethereum layer 2s, a great sign for those into decentralized finance. The data, tracked by Dune Analytics, shows Uniswap reached an amazing $38 billion volume across multiple Ethereum layer-2 networks like Base, Arbitrum, Polygon, Optimism, and several others. November’s record is $4 billion more than its previous high point in March.

Henrik Andersson, the top investment officer at Apollo Crypto, suggests the high volumes of Uniswap on Ethereum layer-2s is down to increased demand in the wider DeFi world. He also notes the recent increase in Ethereum’s value related to Bitcoin, and the rising yields, hinting this popularity surge may be the start of some big wins for the Ethereum ecosystem.

Uniswap saw its highest monthly volume on Arbitrum with a whopping $19.5 billion. The Coinbase-supported network Base wasn’t far behind at $13 billion.

Uniswap is currently the sixth largest protocol in terms of fees, collecting over $90 million in fees last month, beating out others like Solana, Pump.fun, Tron and Maker.

Uniswap’s UNI token price has also shot up with the platform’s success, gaining over 42% in the past week. As I write this, UNI is valued at $12.58, up 10% in the past 24 hours.

UNI is outperforming other exchange tokens, including those based on Solana and Jupiter. Looks like it’s a big period for Uniswap!