Uniswap’s L2 Activity Hits All-Time High of $38 Billion in November

Uniswap, the leading DEX platform, achieved a new record in terms of monthly trading volume on Ethereum Layer 2 solutions as DeFi users returned to the platform in droves.

Data compiled by Dune Analytics shows that Uniswap recorded $38 billion in trading activity across major L2 networks, including Base, Arbitrum, Polygon and Optimism. The November total surpassed its previous high, set in March, by $4 billion.

Uniswap Labs noted,

“History is being made onchain. New all-time high for monthly L2 volume on the Uniswap protocol.

With $19.5 billion in monthly trading volume, Arbitrum topped the Uniswap charts, followed by the Coinbase-incubated Base network with $13 billion. Uniswap’s growing activity on Ethereum Layer 2 can be attributed to the broader DeFi sector’s growing appetite for assets and stablecoins.

Arthur Cheong, the founder of Defiance Capital, drew a parallel between the ongoing DeFi Renaissance and the transformative European Renaissance, highlighting its potential to redefine global finance. Just as the European Renaissance marked a cultural and intellectual awakening, the DeFi movement is reshaping traditional finance by leveraging blockchain technology and smart contracts, Cheong said in his latest post on X.

The executive said DeFi democratizes access to financial services, eliminates inefficiencies and provides a 24/7 trustless financial ecosystem. After overcoming the “trough of disillusionment”, the sector is now entering a growth phase, driven by improved infrastructure, regulatory clarity and macroeconomic factors such as falling interest rates.

With improvements in user experience, security and emerging trends such as liquid staking and replenishment, DeFi is maturing into a scalable and efficient alternative to traditional financial systems. Cheong further added that this evolution is not just a trend, but a seismic shift in the financial landscape.

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