The trading activity on Decentralized Exchange (DEX) and Automated Market Maker (AMM) Uniswap’s Layer-2 (L2) platform has reached an unprecedented mark of $250 billion in total transactions.
Uniswap L2 Transaction Volume Hits ATH
The transaction volume on Uniswap L2 has noticeably increased compared to the approximately $70 billion recorded during similar periods in 2023.
According to cryptanalysis platform Dune’s findings, the total volume of transactions on Uniswap L2’s protocol, which is used on Arbitrum, Polygon, Optimism, and Base, has exceeded its past record high (ATH) in terms of data.
The protocol is optimistic that its next stop would be to hit $1 trillion in trading volume.
As of December last year, Uniswap L2’s trading volume hadn’t yet reached $200 billion, based on the chart. But then came February, and the volume surged to a peak of $208.11 billion, representing a staggering 280% increase compared to the same period the previous year (YoY). More recently, the current transaction data reveals that Uniswap L2 has added over $40 billion in just one month, an impressive achievement for the platform.
In general, second language (L2) users have been expressing favorable views regarding their engagement on platforms. According to Coingape, Coinbase’s L2 scalling solution, Base, handled more transaction volume than Arbitrum and Ethereum in the previous week.
Uniswap (UNI) Price Impact
It appears that the announcement of higher transaction volumes on Uniswap L2 has failed to boost the price of its associated token.
At present, UNI is expressing a pessimistic outlook, having dropped by 5.32% to a price of $7.08. This value represents a significant decrease, as UNI previously reached a peak of $13.08 in February before settling at $12.22 when its trading volume peaked at $208 million.
Significantly, the trading actions of Uniswap’s large investors are influencing the pessimistic price trend of UNI. A while ago, these major investors sold off $20 million in UNI, causing a 15% decrease in the token’s value. Following this, these investors decided to sell their UNI holdings after Uniswap received a Wells Notice from the US Securities and Exchange Commission on April 10.
Based on Lookonchain’s data, three major investors sold a combined 2.03 million UNI tokens, worth approximately $20 million at that moment. This significant sale could potentially trigger increased demand and lead to a rise in UNI price in the near future due to heightened transaction activity.
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2024-04-16 18:56