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Uniswap, one of the most widely used Layer 2 decentralized exchanges (DEXs) built on Ethereum, now accounts for approximately 37% of total trading volume on L2.

In a post on This increase has seen its volume rise from approximately US$4 billion in 2022 to more than US$30 billion this year.

Wan suggested that this trend could continue to strengthen, especially with the launch of more protocols on Layer 2 networks such as Arbitrum, Coinbase, and Optimism.

According to Wan, L2s, especially Base and Arbitrum, have witnessed an increase in economic activities, accounting for 82% of the total L2 volume on Uniswap. Wan anticipates that L2 volume dominance on Uniswap will likely grow to 50% by the end of the year.

Uniswap domina L2

Although Uniswap only contributed 2.9% of the total volume in Layer 1 altcoins, Wan believes this narrative could evolve. He explained that high-performance Ethereum Virtual Machine (EVM)-compatible Layer 1s, combined with a multichain expansion strategy, could allow the DEX to capture more volume on networks like Sei and Monad.

Uniswap, the first decentralized exchange on Ethereum, continues to maintain its position as the largest on-chain trading platform on the Layer 1 Ethereum blockchain. The protocol has facilitated more than $2 trillion in accumulated trading volume across 17 blockchains.

According to data from Defi Llama, users have deposited more than $5.5 billion in total value locked on Uniswap.

However, not everything “is going well” for Uniswap. That’s because the SEC issued a Wells Notice to the company, indicating likely enforcement action. Despite this development, Uniswap intends to defend itself against what it considers a “disappointing but not surprising” decision.

This lawsuit comes amid widespread criticism from the crypto industry regarding the SEC’s approach. Many argue that the SEC has acted in bad faith. Critics assert that the SEC has pursued enforcement actions without considering the unique characteristics of blockchain-based technology in the cryptocurrency sector.

In response, SEC Chairman Gary Gensler defended the SEC’s actions, stating that existing securities laws are clear and that the crypto sector has sought special treatment without complying with regulations.

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