Uniswap has shattered its monthly volume record on Ethereum layer-2 networks, signaling a resurgence of interest in decentralized finance (DeFi).
According to Dune Analytics, the decentralized exchange processed $38 billion in volume across major Ethereum layer-2 platforms like Base, Arbitrum, Polygon, Optimism, and others in November.
The milestone surpasses the previous record set in March by $4 billion.
DeFi Demand Drives Uniswap’s Layer-2 Activity Surge
Henrik Andersson, Chief Investment Officer at Apollo Crypto, attributed the surge in Uniswap’s layer-2 activity to the growing demand for assets and stablecoins in the broader DeFi ecosystem.
He noted that this aligns with what he calls a “DeFi renaissance,” spurred by rising on-chain yields and increasing ETH/BTC momentum. “
Every time Bitcoin approaches $100,000, we see Ethereum and DeFi tokens start to gain traction,” Andersson explained.