The Decentralized Exchange (DEX) Uniswap Layer-2 (L2) has reached a significant trading milestone, with a reported volume surpassing $200 billion in February 2024. This achievement marks a substantial climb from its previous year’s performance and indicates growing investor interest in the platform.
Surge in Trading Activity
Uniswap L2 has seen its trading volume spike to $208.11 billion, as per the latest figures from cryptocurrency analytics provider Dune. This volume, spread across networks like Arbitrum, Polygon, Optimism, and Base, represents a new peak for the platform. The increase is a notable jump from February 2023’s $75 billion cumulative volume, showcasing an impressive 280% growth year-over-year.
This surge underscores the rapid expansion of Uniswap L2’s market presence when contrasted with the $13.9 billion volume reported in February 2022. Coinciding with this trading volume high, the platform’s native token UNI has also seen a significant uptick in value.
UNI Token Gains and Governance Developments
Recent governance proposals from the Uniswap Foundation, which involve redistributing protocol fees to UNI token holders, have also sparked a positive reaction in the market. Since the introduction of the initiative, which is currently undergoing community voting, UNI’s price has climbed by 15%, breaching the $13.08 mark.
Despite a subsequent price correction, the UNI token maintains a 7% increase over the past day, trading at $12.61. The platform’s future, particularly with the anticipated launch of Uniswap V4 in the third quarter, continues to drive interest and activity within the ecosystem.
Furthermore, the upcoming release of Uniswap V4 is poised to introduce significant improvements to the platform, potentially impacting UNI’s value positively. The announcement of these developments has previously triggered a remarkable 70% price jump for UNI.