Uniswap breaks new record-high with $38b monthly volume
Uniswap’s monthly volume surged up to $38 billion across a number of Ethereum layer-2 platforms, surpassing its previous highest volume in March.
For the first time in crypto history, Uniswap(UNI) has reached a monthly volume of $38 billion in November 2024, according to data from Dune analytics. This month’s volume breaks the previous record of $34 billion in March 2024.
The decentralized exchange accumulated $38 billion in volume across major Ethereum(ETH) layer-2 platforms like Base, Arbitrum, Polygon. Compared to the previous month, Uniswap’s monthly volume soared by nearly 50% from $20.32 billion in October 2024.
Ethereum layer-2 scaling solution Arbitrum contributed the largest portion of Uniswap’s volume this month, with $19.5 billion. Meanwhile, Base came in second with a volume of $9.19 billion, followed by Polygon with $4.33 billion.
Additionally, Uniswap also stands in sixth place among protocols ranked by fees and revenue, based on data from DeFi Llama. Uniswap falls slightly behind Solana(SOL), but manages to get ahead of major protocols like Tron, Maker and even the meme coin marketplace pump.fun.
Not only that, Uniswap’s native token UNI has also seen a significant rise in the past 24-hours of trading. Based on data from crypto.news, UNI has gone up by nearly 10% in the past day. The token is currently trading at $12.84.
In the past week, UNI has been riding a wave of 44.87%, following the ongoing crypto rally. It has maintained a market cap of $7.7 billion, ranking the unicorn token at 26th place. UNI has a fully diluted valuation of $12.9 billion and a circulating supply of 600 million tokens.
Similarly, Solana’s November monthly decentralized exchange trading volume also broke its record-high by reaching $109.73 billion. Solana’s monthly DEX volume leapt more than 50% compared to last month’s $52.49 billion monthly volume.
Solana and Uniswap’s new record-breaking milestones could signify a larger resurgence of interest in decentralized finance.
