Uniswap recorded $38 billion in trading volume across Ethereum layer-2 networks in November, according to data from Dune Analytics.
This figure surpassed the protocol’s previous record of $34 billion, set in March, by $4 billion. The decentralized exchange continues to see increased adoption across layer-2 platforms.
In November, Uniswap experienced its highest monthly trading volume on Ethereum Layer 2 solutions. Source: Dune Analytics
Arbitrum and Base Lead Activity
Arbitrum contributed the largest share of Uniswap’s trading volume, processing $19.5 billion, while Base, developed by Coinbase, followed with $13 billion.
Other Ethereum layer-2 networks, including Polygon and Optimism, also saw substantial activity. These platforms offer faster transaction speeds and lower costs than Ethereum’s mainnet, fueling their growth.
Henrik Andersson, Chief Investment Officer at Apollo Crypto, said the rise in trading activity can be attributed to higher demand for assets and stablecoins within the DeFi ecosystem.
He said
“This is in line with the DeFi renaissance and the recent increase in ETH/BTC. Onchain yields are also rising, contributing to this trend.”
Uniswap Revenue and UNI Token Surge
In November, Uniswap generated over $90 million in fees, ranking as the sixth-largest protocol by fee revenue. This performance placed it ahead of competitors such as Tron, Maker, and the Solana-based memecoin platform Pump.fun.
The protocol’s native token, UNI, experienced a price increase of more than 42% in the past week. As of writing, UNI is trading at $12.95, a 6.3% increase in the past 24 hours.
Andersson noted that Ethereum and DeFi tokens tend to gain momentum when Bitcoin nears $100,000. “Every time Bitcoin closes in on 100k, we have seen Ethereum and DeFi coins starting to move,” he said.
Since April @0xflatmoney‘s UNIT has outperformed ETH with a fraction of the volatility – currently at $4,000. pic.twitter.com/rDKZbyS9hF
— Henrik Andersson (@phenrikand) November 27, 2024
Uniswap outperformed other decentralized exchange tokens during the same period. Solana-based Raydium declined by 2.2%, while Jupiter rose by 7.7%.
Solana Breaks Records with $100 Billion Monthly DEX Trading Volume
On the other hand, Solana has achieved a significant milestone in its monthly trading volume on decentralized exchanges (DEXs), predominantly fueled by the surge in the popularity of meme tokens.
As of Nov. 25, the trading volume on Solana’s DEX platforms has surpassed $100 billion for the first time, reaching $109.78 billion.
In November, Solana’s DEX volume showed remarkable growth compared to earlier months, with an increase of over 330% from September’s $25.43 billion and a 108% rise from October’s $52.49 billion.
Additionally, decentralized applications (DApps) built on Solana have experienced record fees and revenue, which can be attributed to the ongoing enthusiasm for meme coins.
In the third quarter of 2024, institutional investment in Solana-based blockchain applications rebounded, with these DApps garnering $173 million across 29 funding rounds.
This represents a 54% increase from the prior quarter amid a 37% drop in funding rounds, as detailed in a recent Messari report.
The report noted that this wave of investment marks the highest level in Solana projects since the second quarter of 2022.
Moreover, the third quarter witnessed a significant rise in Solana’s fee-related indicators. The average number of daily fee payers climbed to 1.9 million, an impressive 109% increase from the previous quarter, while new fee payers skyrocketed 430% to reach 1.3 million.