On Thursday, decentralized alternate (dex) and automatic market maker (AMM) Uniswap revealed that transaction volumes on the platform’s second tier (L2) options have surpassed the $500 billion threshold.
Half a trillion and counting: Uniswap’s Layer 2 growth shatters information
Since its debut on the Ethereum mainnet on November 2, 2018, Uniswap has advanced considerably, increasing its attain to incorporate a number of different networks and Ethereum L2 options. It at the moment ranks because the sixth largest decentralized finance (defi) protocol, with a complete worth captured (TVL) of $6.241 billion.
On January 16, Uniswap, citing insights from Dune Analytics, highlighted this main achievement in L2 quantity exercise on X. “New 12 months, new milestone,” Uniswap mentioned. “L2s simply surpassed $500 billion in all-time quantity on the Uniswap Protocol – subsequent cease is $1T.”
Supply: Dune Analytics
Information from Dune reveals {that a} substantial portion of Uniswap’s layer two (L2) transaction quantity occurred in 2024. The statistics cowl exercise on platforms equivalent to Arbitrum, Polygon, Optimism, Base, Blast, World Chain, Zksync and Zora. In the beginning of 2024, Uniswap’s L2 volumes have been $196.19 billion. As of in the present day, that determine has risen to $501.66 billion, indicating $305.47 billion in quantity has been processed since January 2024.
In the beginning of the 12 months, the fuel charges L2s paid for posting transaction information and verifying statuses on Ethereum’s mainnet have been excessive. For instance, on March 10, 2023, three L2s collectively paid $1.4 million in fuel prices. Nonetheless, the “lease” paid to Ethereum, or layer one (L1), has fallen sharply, with each day charges typically beneath $150,000. Uniswap can be related to twenty-eight completely different blockchains (together with L2s), in response to information from defillama.com.