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Bitcoin Bitcoin (BTC) $118,001.81 ↑ 0.41%
Ethereum Ethereum (ETH) $3,755.96 ↑ 0.93%
XRP XRP (XRP) $3.18 ↑ 1.49%
Tether USDt Tether USDt (USDT) $1.00 ↓ 0.00%
BNB BNB (BNB) $797.44 ↑ 1.91%
Solana Solana (SOL) $185.45 ↓ -0.21%
USDC USDC (USDC) $1.00 ↓ -0.03%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 0.47%
TRON TRON (TRX) $0.32 ↑ 0.82%
Cardano Cardano (ADA) $0.82 ↑ 0.55%
Hyperliquid Hyperliquid (HYPE) $43.20 ↓ -2.14%
Sui Sui (SUI) $4.13 ↑ 3.72%
Stellar Stellar (XLM) $0.44 ↑ 0.57%
Chainlink Chainlink (LINK) $18.48 ↑ 1.20%
Hedera Hedera (HBAR) $0.28 ↑ 7.23%
Bitcoin Cash Bitcoin Cash (BCH) $556.76 ↑ 0.54%
Avalanche Avalanche (AVAX) $24.98 ↑ 4.30%
Litecoin Litecoin (LTC) $113.89 ↑ 0.63%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↓ -0.05%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 0.14%
Toncoin Toncoin (TON) $3.30 ↑ 3.36%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.01%
Uniswap Uniswap (UNI) $10.55 ↑ 1.06%
Polkadot Polkadot (DOT) $4.13 ↑ 1.05%
Monero Monero (XMR) $321.59 ↓ -0.63%
Dai Dai (DAI) $1.00 ↓ 0.00%
Bitget Token Bitget Token (BGB) $4.57 ↓ -0.06%
Pepe Pepe (PEPE) $0.00 ↓ -0.62%
Cronos Cronos (CRO) $0.14 ↑ 7.59%
Aave Aave (AAVE) $295.77 ↑ 0.27%
Bittensor Bittensor (TAO) $427.61 ↑ 0.63%
Ethena Ethena (ENA) $0.64 ↑ 5.49%
NEAR Protocol NEAR Protocol (NEAR) $2.89 ↑ 0.57%
Ethereum Classic Ethereum Classic (ETC) $22.88 ↑ 1.21%
Pi Pi (PI) $0.44 ↓ -0.16%
Ondo Ondo (ONDO) $1.05 ↑ 0.80%
Aptos Aptos (APT) $4.81 ↑ 1.19%
Internet Computer Internet Computer (ICP) $5.64 ↑ 0.58%
OKB OKB (OKB) $48.64 ↑ 0.95%
Bonk Bonk (BONK) $0.00 ↓ -4.38%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 10.94%
Mantle Mantle (MNT) $0.80 ↑ 4.25%
Kaspa Kaspa (KAS) $0.10 ↓ -1.69%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 0.90%
Algorand Algorand (ALGO) $0.27 ↑ 2.88%
Arbitrum Arbitrum (ARB) $0.45 ↑ 1.51%
VeChain VeChain (VET) $0.03 ↑ 0.62%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.09%
GateToken GateToken (GT) $17.82 ↑ 1.40%
Render Render (RENDER) $4.22 ↓ -0.35%
Worldcoin Worldcoin (WLD) $1.16 ↓ -0.01%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.16 ↑ 0.70%
Sky Sky (SKY) $0.09 ↑ 1.73%
Sei Sei (SEI) $0.34 ↑ 2.16%
Cosmos Cosmos (ATOM) $4.77 ↑ 1.32%
SPX6900 SPX6900 (SPX) $1.98 ↑ 0.15%
Filecoin Filecoin (FIL) $2.67 ↑ 0.99%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.73 ↓ -0.28%
Flare Flare (FLR) $0.03 ↑ 11.47%
Jupiter Jupiter (JUP) $0.56 ↑ 1.21%
Story Story (IP) $5.52 ↑ 1.55%
Curve DAO Token Curve DAO Token (CRV) $1.12 ↑ 7.63%
Injective Injective (INJ) $14.92 ↑ 6.15%
Quant Quant (QNT) $123.25 ↑ 1.62%
KuCoin Token KuCoin Token (KCS) $11.63 ↓ -3.02%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.03%
XDC Network XDC Network (XDC) $0.09 ↑ 3.84%
Celestia Celestia (TIA) $1.94 ↓ -0.78%
Fartcoin Fartcoin (FARTCOIN) $1.32 ↓ -2.48%
Four Four (FORM) $3.37 ↓ -0.43%
Stacks Stacks (STX) $0.81 ↑ 0.45%
Optimism Optimism (OP) $0.72 ↑ 0.66%
FLOKI FLOKI (FLOKI) $0.00 ↓ -0.24%
Ethereum Name Service Ethereum Name Service (ENS) $30.47 ↑ 6.48%
Immutable Immutable (IMX) $0.57 ↑ 0.73%
dogwifhat dogwifhat (WIF) $1.07 ↓ -0.40%
The Graph The Graph (GRT) $0.11 ↑ 0.32%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↑ 0.49%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 4.18%
Kaia Kaia (KAIA) $0.17 ↑ 1.48%
PancakeSwap PancakeSwap (CAKE) $2.83 ↑ 3.09%
Lido DAO Lido DAO (LDO) $1.08 ↓ -1.26%
Sonic Sonic (S) $0.34 ↑ 0.50%
PAX Gold PAX Gold (PAXG) $3,356.28 ↑ 0.07%
Tezos Tezos (XTZ) $0.89 ↑ 0.05%
Conflux Conflux (CFX) $0.18 ↓ -1.10%
Vaulta Vaulta (A) $0.57 ↓ -0.77%
Theta Network Theta Network (THETA) $0.89 ↑ 1.24%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.02%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 0.29%
Nexo Nexo (NEXO) $1.31 ↓ -0.47%
IOTA IOTA (IOTA) $0.21 ↑ 1.72%
Tether Gold Tether Gold (XAUt) $3,347.95 ↑ 0.06%
Raydium Raydium (RAY) $3.05 ↑ 1.45%
Gala Gala (GALA) $0.02 ↑ 0.94%
The Sandbox The Sandbox (SAND) $0.31 ↑ 2.05%
Aerodrome Finance Aerodrome Finance (AERO) $0.89 ↓ -0.35%
Pyth Network Pyth Network (PYTH) $0.13 ↑ 1.13%
Pendle Pendle (PENDLE) $4.43 ↓ -2.00%
Jito Jito (JTO) $2.00 ↑ 1.22%
Bitcoin Bitcoin (BTC) $118,001.81 ↑ 0.41%
Ethereum Ethereum (ETH) $3,755.96 ↑ 0.93%
XRP XRP (XRP) $3.18 ↑ 1.49%
Tether USDt Tether USDt (USDT) $1.00 ↓ 0.00%
BNB BNB (BNB) $797.44 ↑ 1.91%
Solana Solana (SOL) $185.45 ↓ -0.21%
USDC USDC (USDC) $1.00 ↓ -0.03%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 0.47%
TRON TRON (TRX) $0.32 ↑ 0.82%
Cardano Cardano (ADA) $0.82 ↑ 0.55%
Hyperliquid Hyperliquid (HYPE) $43.20 ↓ -2.14%
Sui Sui (SUI) $4.13 ↑ 3.72%
Stellar Stellar (XLM) $0.44 ↑ 0.57%
Chainlink Chainlink (LINK) $18.48 ↑ 1.20%
Hedera Hedera (HBAR) $0.28 ↑ 7.23%
Bitcoin Cash Bitcoin Cash (BCH) $556.76 ↑ 0.54%
Avalanche Avalanche (AVAX) $24.98 ↑ 4.30%
Litecoin Litecoin (LTC) $113.89 ↑ 0.63%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↓ -0.05%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 0.14%
Toncoin Toncoin (TON) $3.30 ↑ 3.36%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.01%
Uniswap Uniswap (UNI) $10.55 ↑ 1.06%
Polkadot Polkadot (DOT) $4.13 ↑ 1.05%
Monero Monero (XMR) $321.59 ↓ -0.63%
Dai Dai (DAI) $1.00 ↓ 0.00%
Bitget Token Bitget Token (BGB) $4.57 ↓ -0.06%
Pepe Pepe (PEPE) $0.00 ↓ -0.62%
Cronos Cronos (CRO) $0.14 ↑ 7.59%
Aave Aave (AAVE) $295.77 ↑ 0.27%
Bittensor Bittensor (TAO) $427.61 ↑ 0.63%
Ethena Ethena (ENA) $0.64 ↑ 5.49%
NEAR Protocol NEAR Protocol (NEAR) $2.89 ↑ 0.57%
Ethereum Classic Ethereum Classic (ETC) $22.88 ↑ 1.21%
Pi Pi (PI) $0.44 ↓ -0.16%
Ondo Ondo (ONDO) $1.05 ↑ 0.80%
Aptos Aptos (APT) $4.81 ↑ 1.19%
Internet Computer Internet Computer (ICP) $5.64 ↑ 0.58%
OKB OKB (OKB) $48.64 ↑ 0.95%
Bonk Bonk (BONK) $0.00 ↓ -4.38%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 10.94%
Mantle Mantle (MNT) $0.80 ↑ 4.25%
Kaspa Kaspa (KAS) $0.10 ↓ -1.69%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 0.90%
Algorand Algorand (ALGO) $0.27 ↑ 2.88%
Arbitrum Arbitrum (ARB) $0.45 ↑ 1.51%
VeChain VeChain (VET) $0.03 ↑ 0.62%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.09%
GateToken GateToken (GT) $17.82 ↑ 1.40%
Render Render (RENDER) $4.22 ↓ -0.35%
Worldcoin Worldcoin (WLD) $1.16 ↓ -0.01%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.16 ↑ 0.70%
Sky Sky (SKY) $0.09 ↑ 1.73%
Sei Sei (SEI) $0.34 ↑ 2.16%
Cosmos Cosmos (ATOM) $4.77 ↑ 1.32%
SPX6900 SPX6900 (SPX) $1.98 ↑ 0.15%
Filecoin Filecoin (FIL) $2.67 ↑ 0.99%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.73 ↓ -0.28%
Flare Flare (FLR) $0.03 ↑ 11.47%
Jupiter Jupiter (JUP) $0.56 ↑ 1.21%
Story Story (IP) $5.52 ↑ 1.55%
Curve DAO Token Curve DAO Token (CRV) $1.12 ↑ 7.63%
Injective Injective (INJ) $14.92 ↑ 6.15%
Quant Quant (QNT) $123.25 ↑ 1.62%
KuCoin Token KuCoin Token (KCS) $11.63 ↓ -3.02%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.03%
XDC Network XDC Network (XDC) $0.09 ↑ 3.84%
Celestia Celestia (TIA) $1.94 ↓ -0.78%
Fartcoin Fartcoin (FARTCOIN) $1.32 ↓ -2.48%
Four Four (FORM) $3.37 ↓ -0.43%
Stacks Stacks (STX) $0.81 ↑ 0.45%
Optimism Optimism (OP) $0.72 ↑ 0.66%
FLOKI FLOKI (FLOKI) $0.00 ↓ -0.24%
Ethereum Name Service Ethereum Name Service (ENS) $30.47 ↑ 6.48%
Immutable Immutable (IMX) $0.57 ↑ 0.73%
dogwifhat dogwifhat (WIF) $1.07 ↓ -0.40%
The Graph The Graph (GRT) $0.11 ↑ 0.32%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↑ 0.49%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 4.18%
Kaia Kaia (KAIA) $0.17 ↑ 1.48%
PancakeSwap PancakeSwap (CAKE) $2.83 ↑ 3.09%
Lido DAO Lido DAO (LDO) $1.08 ↓ -1.26%
Sonic Sonic (S) $0.34 ↑ 0.50%
PAX Gold PAX Gold (PAXG) $3,356.28 ↑ 0.07%
Tezos Tezos (XTZ) $0.89 ↑ 0.05%
Conflux Conflux (CFX) $0.18 ↓ -1.10%
Vaulta Vaulta (A) $0.57 ↓ -0.77%
Theta Network Theta Network (THETA) $0.89 ↑ 1.24%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.02%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 0.29%
Nexo Nexo (NEXO) $1.31 ↓ -0.47%
IOTA IOTA (IOTA) $0.21 ↑ 1.72%
Tether Gold Tether Gold (XAUt) $3,347.95 ↑ 0.06%
Raydium Raydium (RAY) $3.05 ↑ 1.45%
Gala Gala (GALA) $0.02 ↑ 0.94%
The Sandbox The Sandbox (SAND) $0.31 ↑ 2.05%
Aerodrome Finance Aerodrome Finance (AERO) $0.89 ↓ -0.35%
Pyth Network Pyth Network (PYTH) $0.13 ↑ 1.13%
Pendle Pendle (PENDLE) $4.43 ↓ -2.00%
Jito Jito (JTO) $2.00 ↑ 1.22%
Home Cryptocurrency

Ethereum L2 Networks Usage on Uniswap Hits New High

Isaac Oshokha by Isaac Oshokha
12 August 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
Ethereum L2 Networks Usage on Uniswap Hits New High

Ethereum L2 Networks Usage on Uniswap Hits New High

Ethereum L2 networks are seeing significant growth, with wallet addresses using Uniswap, the leading decentralized exchange (DEX), nearly doubling in the past month. This increase in activity comes even as the broader decentralized finance (DeFi) ecosystem faces challenges, including a decline in total value locked (TVL). The surge in Ethereum L2 networks highlights the growing importance of Layer 2 solutions in the crypto landscape.

Ethereum L2 Networks
Ethereum L2 Networks

In July, Ethereum L2 networks like Arbitrum, Base, Optimism, Polygon, and ZKSync saw a substantial increase in wallet addresses using Uniswap. According to data from Dune Analytics, 8.5 million Ethereum addresses traded on Uniswap through these L2s, marking a new all-time high. This nearly doubled the number of addresses recorded in June, underscoring the appeal of Ethereum L2 networks for decentralized trading.

Table of Contents

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    • Charge with the Bulls: MoonBull Whitelist Opens Early Access for the Hottest New Meme Coin –  SLERF and Cheems Still Climbing
  • The Role of Ethereum L2 Networks in Alleviating On-Chain Bottlenecks
  • The Future of Ethereum L2 Networks

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Uniswap, the largest DEX across all blockchains, plays a huge role in this growth. In June alone, the platform generated nearly $100 million in fees, demonstrating its dominance in the DeFi sector. The surge in Ethereum L2 network addresses using Uniswap suggests that traders are increasingly turning to Layer 2 solutions to bypass the limitations of Ethereum’s mainnet.

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The Role of Ethereum L2 Networks in Alleviating On-Chain Bottlenecks

Ethereum L2 Networks
Ethereum L2 Networks

Ethereum, co-created by Vitalik Buterin, is renowned for its secure, permissionless transactions. However, as the network has grown, on-chain bottlenecks have become a persistent issue. These bottlenecks increase the cost of sending assets on the Ethereum mainnet, making transactions more expensive and less efficient. This is where Ethereum L2 networks come into play.

Layer 2 solutions are designed to relieve congestion on Ethereum’s primary chain by processing transactions off-chain or in parallel with the mainnet. This approach significantly reduces the cost of transactions, making it more affordable for users to trade within the Ethereum ecosystem. The recent surge in Ethereum L2 network addresses using Uniswap is a clear indication that traders are taking advantage of these cheaper alternatives.

The appeal of Ethereum L2 networks lies in their ability to offer significantly lower transaction costs compared to the Ethereum mainnet. For example, it costs less than $1 to send Ether on Layer 2 networks and under $3 to swap digital assets, according to data from L2Fees. This affordability has likely driven the increase in Ethereum L2 network addresses observed in the past few months.

The adoption of Ethereum L2 networks received a further boost from the March Dencun upgrade. This upgrade improved the efficiency of transactions on Layer 2 networks, making them even more attractive to users. As a result, Ethereum L2 network addresses have been on the rise since February, shortly before the Dencun upgrade was implemented.

While Ethereum L2 networks are experiencing a surge in wallet addresses, the total value locked (TVL) in these networks and across the broader DeFi sector has been declining. According to DefiLlama data, TVLs on Ethereum and its Layer 2 networks have dropped by up to 25% in the last 30 days. This decrease in TVL is reflective of a broader market correction and a downswing in the altcoin sector.

The decline in TVL suggests that while more users are utilizing Ethereum L2 networks for transactions, the overall amount of capital being locked in DeFi protocols is shrinking. This could be a result of various factors, including market volatility and a shift in investor sentiment. However, the increase in Ethereum L2 network addresses using Uniswap indicates that traders are still actively engaging with the ecosystem, even as TVLs decline.

The Future of Ethereum L2 Networks

Ethereum L2 Networks
Ethereum L2 Networks

The recent surge in Ethereum L2 network addresses using Uniswap highlights the growing importance of Layer 2 solutions in the Ethereum ecosystem. As transaction costs on the Ethereum mainnet continue to rise, more users are likely to turn to Ethereum L2 networks to take advantage of their affordability and efficiency.

Despite the decline in TVL, the increase in wallet addresses suggests that Ethereum L2 networks are becoming a critical component of the DeFi landscape. As these networks continue to evolve, they could play an even more significant role in the future of decentralized finance, offering users a more cost-effective and scalable alternative to Ethereum’s mainnet.

For more updates and news on the cryptocurrency industry, stay tuned to TurkishNY Radio.

 

Tags: Ethereum L2 NetworksEthereum layer-2Layer 2UniswapUniswap Ethereum L2
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