Uniswap Commands 37% of Ethereum’s L2 Volume

Uniswap, the leading Layer 2 decentralized exchange on Ethereum, has experienced a remarkable surge, representing 37% of total trading volume on L2 platforms, up from 2 years ago.

Tom Wan from 21.co notes a 650% increase in Uniswap’s L2 volume, reaching over $30 billion. He anticipates further growth with quality protocols like Arbitrum and Coinbase’s Base.

While Uniswap contributes only 2.9% of altcoin volume on Layer 1, Wan suggests growth potential. Despite the success, Uniswap faces SEC regulatory pressure but plans to defend itself.

Uniswap (UNI), Ethereum’s pioneering decentralized exchange (DEX), holds a significant position in on-chain trading, with a cumulative trading volume exceeding $2 trillion across 17 chains. Users have locked in over $5.5 billion in total value.

Founded by Hayden Adams in 2017, Uniswap faces scrutiny from the U.S. SEC amid a broader crypto industry crackdown. After receiving a Wells Notice from the SEC, Uniswap plans to defend itself against what it sees as a “disappointing but not surprising” situation

The crypto industry criticizes the SEC’s actions, with many arguing for better consideration of blockchain technology. UNI’s current trading status is at $7.68, up 0.9% in 24 hours but down 6% in the last week.

Image Credit: Shutterstock

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Uniswap Commands 37% of Ethereum’s L2 Volume

was first posted on May 1, 2024 at 1:10 pm.
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