Trading volume on Uniswap, a decentralized exchange built on Ethereum Layer 2 (L2), now accounts for approximately 37% of total L2 trading volume. This is a significant increase compared to the trading volumes observed two years ago.

Uniswap trading volume on L2 has grown more than 650% over the past 24 months, reaching more than $30 billion this year, up from about $4 billion in 2022.

Meanwhile, despite its current success, Uniswap faces regulatory pressure from the US Securities and Exchange Commission (SEC) as part of a broader regulatory crackdown on the cryptocurrency market.