Uniswap achieves $38B monthly volume on Ethereum L2s

Uniswap (CRYPTO:UNI) set a new record with $38 billion in monthly trading volume across Ethereum (CRYPTO:ETH) layer-2 networks in November, surpassing its previous peak of $34 billion recorded in March.

Data from Dune Analytics shows significant trading activity across layer-2 solutions such as Arbitrum (CRYPTO:ARB), Base, Polygon (CRYPTO:MATIC), and Optimism (CRYPTO:OP).

Arbitrum led with $19.5 billion in volume, followed by Base with $13 billion.

Henrik Andersson, Chief Investment Officer at Apollo Crypto, attributed the surge to growing demand for stablecoins and other assets in the decentralized finance (DeFi) ecosystem.

"This is in line with the DeFi renaissance and the recent increase in ETH/BTC. Onchain yields are also rising," Andersson noted.

“Every time Bitcoin closes in on 100k, we have seen Ethereum and DeFi coins starting to move,” he added, suggesting this trend might indicate a broader outperformance of Ethereum and DeFi assets.

Uniswap also maintained its position as the sixth-largest protocol by fees, generating over $90 million in November.

It outpaced competitors such as Tron (CRYPTO:TRX) and Maker (CRYPTO:MKR), as well as niche platforms like Pump.fun.

The surge in activity has boosted Uniswap’s native token, UNI, which gained over 42% in the past week.

UNI was trading at $12.58 as of the latest data, marking a 10% increase in the last 24 hours.

This growth places UNI ahead of other decentralized exchange tokens like Raydium (CRYPTO:RAY) and Jupiter (CRYPTO:JUP), which have seen more modest changes during the same period.

At the time of reporting, the Uniswap (UNI) price was $12.69, and the Ethereum (ETH) price was $3,589.58.