Uniswap DEX includes 37% of Ethereum L2 quantity

The main Ethereum decentralized trade, Uniswap, contributes considerably extra quantity to layer 2 blockchains in comparison with the exercise seen two years in the past.

The decentralized trade (DEX) accounts for round 37% of the whole buying and selling quantity on layer 2 whereas working atop crypto’s second-largest blockchain, Ethereum (ETH). 

21.co researcher Tom Wan famous that the platform’s L2 volumes skilled greater than 650% progress in 24 months, growing from round $4 billion in 2022 to over $30 billion this yr. The analysts added that this development might strengthen even additional if extra high quality protocols launch on layer 2 networks like Arbitrum, Coinbase’s Base, and Optimism.

“L2s have been gaining extra financial actions, particularly Base and Arbitrum, which account for 82% of the whole L2 quantity on Uniswap. I might count on the dominance of L2s’ quantity on Uniswap will proceed to develop to 50% by the tip of this yr.”

Tom Wan, 21.co researcher

Information confirmed that the trade has solely contributed 2.9% of the whole quantity on altcoin L1s, however Wan opined that this narrative might even see a shift sooner or later. Wan defined that high-performance EVM-compatible L1s mixed with a multichain growth technique might enable the DEX to seize extra quantity on networks like Sei and Monad. 

Crackdown on Uniswap

Uniswap (UNI) was the primary DEX on Ethereum and stays the biggest on-chain buying and selling venue on the crypto L1 blockchain. The protocol boasts over $2 trillion in cumulative buying and selling quantity in 17 chains. DefiLlama states customers have additionally deposited greater than $5.5 billion in whole value-locked. 

Based in 2017 by Hayden Adams, the Brooklyn-based crypto service supplier now faces doable enforcement motion from the U.S. SEC, which is presently embroiled in a broad crypto business crackdown. 

As crypto.information reported, the SEC served Adams’ enterprise a Wells Discover, and the DEX intends to defend itself towards a “disappointing however not stunning” choice.