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Uniswap’s trading volume on Layer 2 solutions has increased from $4 billion to $30 billion, reflecting an impressive 650% growth over two years.
As the most widely used decentralized exchange (DEX) on Ethereum Layer 2, Uniswap now comprises approximately 37% of the total trading volume on Layer 2.This surge represents a significant increase from the trading volumes seen two years ago.
Uniswap Sees Over 650% Growth in Layer 2 Volumes
Tom Wan, a researcher at 21.co, pointed out on X that Uniswap’s layer 2 (L2) transaction volume has grown by over 650% in the last 24 months. This growth is evident as the volume increased from around $4 billion in 2022 to over $30 billion in 2024.
Wan suggested that this trend might keep gaining momentum, especially with the introduction of more high-quality protocols on Layer 2 networks like Arbitrum, Coinbase’s Base, and Optimism.
According to Wan, layer 2 networks, especially Base and Arbitrum, have experienced a substantial increase in economic activities, making up 82% of the total layer 2 volume on Uniswap. He expects that the dominance of layer 2 volume on Uniswap will likely reach 50% by the end of the year.
Although Uniswap currently contributes only 2.9% of the total volume on altcoin layer 1 networks, Wan predicts that this scenario might change.
He noted that combining high-performance Ethereum Virtual Machine (EVM)-compatible layer 1 networks with a multichain expansion strategy could help Uniswap capture more volume on platforms like Sei and Monad.
As the first decentralized exchange on Ethereum, Uniswap remains the largest on-chain trading venue on the Ethereum layer 1 blockchain.
The protocol has facilitated over $2 trillion in cumulative trading volume across 17 chains. According to DefiLlama data, Uniswap’s total value locked currently exceeds $5.5 billion.
SEC Puts Uniswap Under Regulatory Scrutiny
Uniswap, despite its ongoing success, is facing regulatory pressure from the U.S. Securities and Exchange Commission (SEC) as part of a wider regulatory crackdown on the crypto-exchange market.
The SEC has sent a Wells Notice to Uniswap, signaling a potential enforcement action. Uniswap plans to defend itself against this decision, which it views as “disappointing but not surprising.”
The lawsuit occurs amid ongoing criticism from the crypto industry about the SEC’s approach. Critics argue that the SEC has acted in bad faith, pursuing enforcement actions without considering the specific aspects of blockchain-based technology in the crypto sector.
In response, SEC Chairman Gary Gensler has justified the SEC’s actions, stating that existing securities laws are clear and that the crypto industry has sought special treatment while failing to comply.
Meanwhile, UNI is trading at $7.68, up 0.9% in the last 24 hours but down 6% over the last week.
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