Uniswap’s trading volume on L2 solutions surged from $4 billion to $30 billion, achieving a significant growth of 650% in two years.

Uniswap, the most widely used Layer 2 decentralized exchange (DEX) built on Ethereum, now accounts for approximately 37% of total trading volume on L2.

This represents a significant increase compared to the transaction volumes observed two years ago.

Uniswap’s L2 volume surges over 650%

In an article on X, 21.co researcher Tom Wan pointed out the growth of Uniswap L2 trading volume, which has surged more than 650% in the past 24 months. This growth has pushed its trading volume from approximately $4 billion in 2022 to more than $30 billion this year.

Wan said the trend is likely to continue to strengthen as more high-quality protocols launch on Layer 2 networks such as Arbitrum, Coinbase’s Base, and Optimism.

According to Wan, L2s such as Base and Arbitrum in particular have seen a surge in economic activity, accounting for 82% of total L2 trading volume on Uniswap. Wan expects that L2's share of trading volume on Uniswap could grow to 50% by the end of the year.

Although Uniswap only accounts for 2.9% of the total transaction volume of all altcoin Layer 1, Wan believes that this proportion is expected to increase. He analyzed that with the launch of Layer 1 solutions with stronger performance and compatibility with the Ethereum Virtual Machine (EVM), coupled with the strategic layout of multi-chain expansion, Uniswap will have the opportunity to achieve more transaction volume growth on emerging networks such as Sei and Monad.

As the first decentralized exchange on Ethereum, Uniswap continues to maintain its position as the largest on-chain trading venue on the Ethereum Layer 1 blockchain. The protocol has facilitated more than $2 trillion in cumulative trading volume across 17 chains. According to DefiLlama, the total value locked by users on Uniswap exceeds $5.5 billion.

As the first decentralized exchange on Ethereum, Uniswap continues to maintain its position as the largest on-chain trading platform on the Ethereum Layer 1 blockchain. The protocol has facilitated more than $2 trillion in cumulative trading volume, covering 17 chains. According to DefiLlama data, the total value locked by users on Uniswap has exceeded $5.5 billion.

Uniswap faces regulatory pressure from the US SEC

Despite its continued success, Uniswap is facing regulatory pressure from the U.S. Securities and Exchange Commission (SEC) as part of a broader regulatory crackdown on the cryptocurrency exchange market.

The U.S. Securities and Exchange Commission (SEC) has issued Uniswap a Wells Notice, foreshadowing a possible enforcement action. Despite this development, Uniswap intends to defend itself against a decision it considers “disappointing but not unexpected.”

The lawsuit comes amid widespread criticism from the crypto industry over the practices of the U.S. Securities and Exchange Commission (SEC), with many in the industry accusing the SEC of acting unfairly. Critics point out that the SEC does not adequately consider the unique characteristics of blockchain technology in the crypto industry when taking enforcement actions.

In response, SEC Chairman Gary Gensler defended the SEC’s actions, insisting that existing securities regulations are clear and noting that the crypto space is seeking special treatment while not complying with them.

Meanwhile, UNI is trading at $7.05, down 9% over the past week. #Uniswap #DEX交易量