One of the most popular layer 2 decentralized exchanges (DEXs), Uniswap, is now leading with a share of 37% of trading volume, which is a tremendous increase compared to the volumes traded two years ago.
As 21.co’s developer, Tom Wan, said, the uniswap’s L2 volumes increased by 650% in the last 24 months, and the figure reached $30 billion from $4 billion. The predominant L2 growth is brought about by platforms such as Arbitrum and Coinbase’s Base, which account for 82% of Uniswap’s L2 volume.
Although Uniswap’s L2 share is growing, it is only 2.9% of the total volume of all the other L1s. Wan thinks that it may change because of high-performance L1s like Sei and Monad that may be implemented in the future in combination with Uniswap’s multi-chain strategy.
With its success still in the making, Uniswap has to deal with the U.S. SEC’s regulatory pressure as part of a broader fight against the crypto-exchange market. The SEC has sent a Wells Notice to Uniswap, which, in effect, refers to the probable enforcement action.
Uniswap is intending to appeal this decision, highlighting its original position within the Ethereum ecosystem as the leading DEX with about $2T in trading volume across 17 chains and over $5.6B in total value locked.
As we see more and more crypto space development, the impact of Uniswap on layer 2 networks and its legal issues will be the focus of industry watchers to see how it shapes the future of decentralized finance (DeFi).
Also Read: Uniswap Launches Mobile App with Blast Integration
