The decentralized exchange just announced a major milestone, as its layer 2 transaction volumes have officially surpassed $500 billion.
New milestone in a new market
Since launching on the Ethereum mainnet back on November 2, 2018, Uniswap has come a long way.
It’s not just about trading anymore, the platform has expanded its reach to multiple networks and L2 solutions, securing its spot as the sixth-largest DeFi protocol with a total value locked of $6.241 billion.
On January 16, Uniswap took to X to celebrate this achievement, sharing insights from Dune Analytics.
„New year, new milestone! L2s just crossed $500B in all-time volume on the Uniswap Protocol—Next stop, $1T!”
Highway to the hall of fame?
So how did they get here? Well, a significant chunk of that L2 transaction volume came from activity in 2024 alone, and networks like Arbitrum, Polygon, Optimism, Base, Blast, World Chain, Zksync, and Zora have all contributed to this impressive figure.
At the start of 2024, Uniswap’s L2 volumes were sitting at $196.19 billion. Fast forward to today, and they’ve skyrocketed to $501.66 billion, meaning $305.47 billion has been processed since last January.
Earlier this year, L2s were paying through the nose for gas fees to post transaction data on Ethereum’s mainnet.
For instance, on March 10, 2023, three L2s shelled out $1.4 million in gas fees! But here’s the kicker, those costs have dropped dramatically. Nowadays, daily gas fees often hover below $150,000.
Expansion
Uniswap is also making strides by connecting with 28 different blockchains, according to data from defillama.com, and with this kind of momentum behind them, it looks like Uniswap is gearing up for even bigger things ahead.
The crypto community is buzzing with excitement over what this means for the future of decentralized trading.
If they keep up this pace, that $1 trillion milestone might just be around the corner.
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