Uniswap Partners with Top L2 networks, Layer 2 Tokens Doubled Their Trading Volumes on the DEX Year-on-Year
The post Uniswap Partners with Top L2 networks, Layer 2 Tokens Doubled Their Trading Volumes on the DEX Year-on-Year appeared on BitcoinEthereumNews.com.
Layer 2 tokens are extending their long-term growth trend as they become key to the expansion of the Ethereum ecosystem. L2 services, which are compatible with ETH, are enjoying increased liquidity. Their native tokens also successfully trade in centralized markets but have an expanding share on DEX hubs. Uniswap, the leader in DEX swaps and trades, noted that L2 tokens outperformed in May 2024, compared to the same month of 2023. Monthly L2 volume on the Uniswap Protocol has doubled compared to last year 🦄 Last May: $8.93BThis May: $20.72B And the month’s not finished yet 👀 pic.twitter.com/WGHpUnsTTP — Uniswap Labs 🦄 (@Uniswap) May 25, 2024 Ethereum-compatible L2 is also more active, while the launch of Bitcoin Layer 2 is still at the experimental stage, with no agreed format for the tokens. L2 projects are accelerating their competition, both between older chains and new arrivals that are quickly adding users and transactions. Layer 2 networks are essential for decentralized projects, and have successfully taken some of the overload from the Ethereum network. L2 is used for gaming, NFT, Web3 identities, as well as for decentralized finance. Uniswap Gets Volume Boost in May Uniswap also noted a boost in DEX trading, expanding its liquidity to $6.34B. Based on inflows from 17 blockchains, Uniswap’s volume grew by more than 14% in the past month. Uniswap itself is a hub for L2 networks, which carry the various exchange versions. Increased volumes mean each version receives inflows of liquidity and more active trades. Also read: Uniswap Labs Responds to SEC Wells Notice, Denies Crypto Tokens Are Securities Over the past two years, Uniswap also expanded its presence on L2 projects. The biggest effect came from the expansion of Arbitrum and Base, the native Coinbase chain. New, smaller chains are trying to repeat the success…
Filed under: News - @ May 27, 2024 1:24 pm