Claim $500Uniswap (UNI) Crosses Historic $250B L2 Volume, UNI To Rally?
Highlights
- Uniswap L2 transaction volume just hit its All-Time High (ATH)
- The L2 is seeing intense growth across different L2 chains
- Price remain down but general sentiment poised to boost growth
The transaction volume on Decentralized Exchange (DEX) and Automated Market Maker (AMM) Uniswap Layer-2 (L2) has hit a historic level pegged at $250 billion.
Uniswap L2 Transaction Volume Hits ATH
This transaction volume figure shows a significant growth from the levels seen around this time in 2023 when the Uniswap L2 transaction volume was just a little over $70 billion.
The data from crypto analytics platform Dune confirmed that Uniswap L2’s all-time protocol volume on Arbitrum, Polygon, Optimism, and Base has surpassed its previous All-Time-High (ATH).
The protocol is optimistic that its next stop would be to hit $1 trillion in trading volume.
By December last year, Uniswap L2’s volume had not even climbed to $200 billion, according to the chart. However, February came and volume went as high as $208.11 billion, indicating a 280% increase year-over-year (YoY). The current transaction volume shows that Uniswap L2 has added another $40+ billion in the space of one month, a massive milestone for the protocol.
Generally, L2s are exhibiting positive sentiments in terms of their user activities. Coingape reported that Coinbase L2 scaling solution Base outperformed Arbitrum and Ethereum in terms of the volume of daily transactions last week.
Uniswap (UNI) Price Impact
The news of the increased Uniswap L2 transaction volume seems not to have had a positive impact on the price of the protocol’s native token.
UNI is currently displaying a negative sentiment as it is down by 5.32% and trading at $7.08. This price also indicates a major plunge considering that UNI rose to as high as $13.08 in February and later settled at $12.22 when its transaction volume rose to $208 million.
Markedly, Uniswap whale activities are also contributing to the bear price outlook of UNI. A few days back, these whales dumped $20 million worth of UNI, triggering a 15% price dip for the token. Dumping UNI became an option for these big-fish investors after Uniswap was served a Wells Notice from the U.S. SEC on April 10.
According to Lookonchain reports, three large holders offloaded a total of 2.03 million UNI tokens which was equivalent to $20 million at the time. The news of the surge in transaction volume may force an upward movement in UNI price soon.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- XRP Holders Eye ‘Institutional Grade Yield’ as Ripple Engineer Details Upcoming XRPL Lending Protocol
- Michael Saylor Sparks Debate Over Bitcoin’s Quantum Risk as Bitcoiners Dismiss It as ‘FUD’
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
