Uniswap DEX accounts for 37% of the transaction volume on the Ethereum L2 chain

Uniswap’s trading volume on L2 solutions surged from $4 billion to $30 billion, achieving a significant growth of 650% in two years.

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

This represents a significant increase compared to the transaction volumes observed two years ago.

Uniswap’s L2 trading volume surges by more than 650%

In an article on The growth has seen its trading volume climb from about $4 billion in 2022 to more than $30 billion this year.

Wan said this trend is likely to continue to strengthen as more premium protocols are launched on layer 2 networks such as Arbitrum, Coinbase’s Base, and Optimism.

According to Wan, L2s such as Base and Arbitrum in particular have witnessed a surge in economic activity, accounting for 82% of the total L2 trading volume on Uniswap. Wan predicts that L2’s share of transaction volume on Uniswap may grow to 50% by the end of the year.

Although Uniswap only accounts for 2.9% of the total trading volume of all altcoin Layer 1, Wan believes that this proportion is expected to increase. He analyzed that with the launch of Layer 1 solutions with stronger performance and compatibility with the Ethereum Virtual Machine (EVM), coupled with the strategic layout of multi-chain expansion, Uniswap will have the opportunity to expand on emerging networks such as Sei and Monad. Achieve more transaction volume growth.

As the first decentralized exchange on Ethereum, Uniswap continues to maintain its position as the largest on-chain trading venue on the Ethereum Layer 1 blockchain. The protocol has facilitated over $2 trillion in cumulative transaction volume across 17 chains. According to data from DefiLlama, the total value locked by users on Uniswap exceeds $5.5 billion.

As the first decentralized exchange on Ethereum, Uniswap continues to maintain its position as the largest on-chain trading platform on the Ethereum Layer 1 blockchain. The protocol has facilitated over $2 trillion in cumulative transaction volume, covering 17 chains. According to DefiLlama, the total value locked by users on Uniswap has exceeded $5.5 billion.

Uniswap faces regulatory pressure from the US SEC

Despite Uniswap's continued success, it is facing regulatory pressure from the U.S. Securities and Exchange Commission (SEC) as part of a broader regulatory crackdown on the cryptocurrency exchange market.

The U.S. Securities and Exchange Commission (SEC) has issued a Wells Notice to Uniswap, signaling possible enforcement action. Despite this development, Uniswap intends to defend itself against a decision it considers “disappointing but not unexpected.”

The lawsuit comes amid widespread criticism within the crypto industry of the SEC’s practices. Many in the industry accuse the SEC of acting unfairly. Critics pointed out that the SEC did not fully consider the unique characteristics of blockchain technology in the crypto industry when taking enforcement actions.

In response, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler defended the SEC’s actions. He insisted that existing securities regulations are clear, noting that the crypto space has not complied with regulations while seeking special treatment.

Meanwhile, UNI is trading at $7.05, down 9% in the past week.

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