Uniswap’s performance was outstanding in November, recording a $38 billion monthly trading volume. This surge is the exchange’s cumulative performance across several Ethereum Layer-2 solutions, such as Arbitrum, Base, and Polygon. November’s performance outdid the previous record of $34 billion in March 2024.
The decentralized cryptocurrency exchange’s monthly volume spiked by almost 50% from $20.32 billion in October 2024. Ethereum layer-2 scaling solution Arbitrum contributed the lion’s share of Uniswap’s performance.
Arbitrum saw $19.5 billion in Uniswap trading volume. Base and Polygon followed with $9.19 billion and $4.33 billion, respectively. The three platforms are known for their scalability and cost-effectiveness, thus attracting many activities.
Uniswap becomes a top fee producer, beating other top platforms
According to data from DeFi Llama, Uniswap ranks sixth among protocols in terms of fees and revenue. The decentralized finance platform’s fees rose to $5.44 million on all platforms. While it trails slightly behind Solana, the exchange outpaces major protocols such as Tron, Maker, and the meme coin marketplace Pump.fun.
Henrik Andersson, the chief investment officer at Apollo Crypto, noted that volumes for Uniswap on Ethereum layer 2s could be traced back to an increased demand for assets and stablecoins in the broader DeFi ecosystem.
“[This is] in line with the DeFi renaissance and the recent increase in ETH/BTC. Onchain yields are also rising.
~Henrik Andersson
UNI, Uniswap’s native token, has also been riding high. In the past 24 hours, the token has seen 10% growth. UNI currently trades at $12.74 and has cumulatively gained up to 44.78% in the past week. UNI has maintained a market cap of $7.7 billion, becoming the 26th largest crypto.
Resurgence in decentralized finance is suitable for blockchain
Uniswap’s performance also indicates DeFi’s growth potential. The performance of various blockchains like Solana makes it easy to predict DeFi’s re-emergence. Solana also had an outstanding November performance as the token scaled new heights.
Solana’s November monthly decentralized exchange trading volume also broke its record-high by reaching $109.73 billion. Solana’s monthly DEX volume surged over 50% compared to last month’s $52.49 billion monthly volume.
Solana and Uniswap’s new record-breaking milestones could signify a more considerable resurgence of interest in decentralized finance
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