Yigit Taha OZTURK 
Uniswap recorded a $38 billion trading volume across Ethereum Layer-2 (L2) networks in November, breaking its previous record. According to Dune Analytics, this volume includes major networks like Base, Arbitrum, Polygon, and Optimism. The record set in March at $34 billion was surpassed this month by an additional $4 billion.
Henrik Andersson, the investment director at Apollo Crypto, linked this surge to increasing demand for assets and stablecoins within the DeFi ecosystem. He highlighted that the rise in the ETH/BTC ratio and growing on-chain yields contributed to this momentum. Additionally, Andersson noted that when Bitcoin approaches the $100,000 threshold, Ethereum and DeFi tokens typically show increased activity.
Uniswap’s Leading Networks
- Arbitrum: Leads with a trading volume of $19.5 billion.
- Base: Follows with $13 billion.
Uniswap also collected $90 million in fees during November, outperforming protocols like Pump.fun and Tron.
UNI Token Gains Strength
Uniswap’s native token, UNI, surged by 42% in the past week, reflecting the protocol’s heightened activity. Currently trading at $12.58, UNI outperformed decentralized exchange tokens like Raydium (-2.2%) and Jupiter (7.7%).
This record-breaking volume signals the potential for the Ethereum ecosystem to enter a long-awaited growth phase. Rising DeFi interest, increased stablecoin usage, and higher on-chain yields point to a promising future for the ecosystem.
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