Uniswap breaks new record-high with $38b monthly volume

Uniswap’s monthly volume rose to $38 billion across a number of Ethereum layer-2 platforms, surpassing its previous peak volume in March.

According to Dune analytics data, Uniswap(UNI) reached a monthly volume of $38 billion in November 2024 for the first time in crypto history. This month’s volume broke the previous record of $34 billion set in March 2024.

The decentralized exchange has accumulated $38 billion in volume across major Ethereum (ETH) layer-2 platforms such as Base, Arbitrum, Polygon. Compared to the previous month, Uniswap’s monthly volume increased by nearly 50% from $20.32 billion in October 2024.

Ethereum layer-2 scaling solution Arbitrum contributed the largest portion of Uniswap’s volume this month, with $19.5 billion. Base ranked second with $9.19 billion, followed by Polygon with $4.33 billion.

Additionally, Uniswap ranks sixth among protocols ranked by fee and revenue, according to data from DeFi Llama. Uniswap lags slightly behind Solana (SOL), but manages to get ahead of major protocols like Tron, Maker, and even meme coin marketplace Pump.fun.

Not only that, Uniswap’s native token UNI has also seen a significant increase in the last 24 hours of trading. According to data from Crypto.news, UNI is up almost 10% in the past day. The token is currently trading at $12.84.

Last week, UNI hit a 44.87% wave following the ongoing crypto rally. It maintained its market cap of $7.7 billion, placing the Unicorn token at 26th place. UNI has a fully diluted valuation of $12.9 billion and a circulating supply of 600 million tokens.

Similarly, Solana’s November decentralized exchange transaction volume broke its record by reaching $109.73 billion. Solana’s monthly DEX volume is up more than 50% compared to last month’s monthly volume of $52.49 billion.

Solana and Uniswap’s new record-breaking milestones could mean a greater resurgence of interest in decentralized finance.