Uniswap records $38B Layer 2 trading volume in November

Uniswap (CRYPTO:UNI) reached a new milestone in November, recording $38 billion in trading volume across Ethereum (CRYPTO:ETH) Layer 2 (L2) networks.

This figure surpassed its previous high of $34 billion set in March, according to data from Dune Analytics.

The surge underscores the growing adoption of decentralised finance (DeFi) platforms.

Arbitrum (CRYPTO:ARB) led the L2 activity on Uniswap with $19.5 billion in monthly trading volume, followed by Base network with $13 billion.

Other networks like Polygon (CRYPTO:MATIC) and Optimism (CRYPTO:OP) also contributed to the record-breaking performance.

“Onchain history is being made. New all-time high for monthly L2 volume on the Uniswap Protocol.” Uniswap Labs noted, celebrating the achievement.

The increased activity reflects a broader trend in DeFi as users explore Layer 2 solutions for faster and more cost-effective transactions.

The sector’s growth is driven by the increasing demand for stablecoins and other assets within the DeFi ecosystem.

Arthur Cheong, founder of Defiance Capital, described the current DeFi resurgence as a transformative period, likening it to the European Renaissance.

In a recent X post, Cheong emphasised the sector's potential to revolutionise traditional finance by leveraging blockchain technology and smart contracts.

Cheong highlighted DeFi’s advantages, including democratising access to financial services, eliminating inefficiencies, and creating a 24/7 trustless ecosystem.

“After overcoming the ‘trough of disillusionment,’ DeFi is entering a phase of growth driven by improved infrastructure, regulatory clarity, and declining interest rates,” he stated.

Emerging trends such as liquid staking and restaking, along with advancements in user experience and security, are enhancing the scalability and efficiency of DeFi platforms.

Cheong described this evolution as a “seismic shift” in global finance, suggesting that DeFi is maturing into a viable alternative to traditional financial systems.

At the time of reporting, the Uniswap price was $12.73.