21.co researcher Tom Wan noted that the platform’s L2 volumes experienced an impressive 650% growth in 24 months, climbing from around $4 billion in 2022 to over $30 billion this year. According to Wan, this trend could strengthen further if more quality protocols launch on layer 2 networks like Arbitrum, Coinbase’s Base, and Optimism. Wan explained, “L2s have been gaining more economic activities, specifically Base and Arbitrum, which account for 82% of the total L2 volume on Uniswap.
I would expect the dominance of L2s’ volume on Uniswap will continue to grow to 50% by the end of this year.” Data showed that the exchange has only contributed 2.9% of the total volume on altcoin L1s, but Wan opined that this narrative may see a shift in the future. Additionally, Wan believes that high-performance EVM-compatible L1s combined with a multichain expansion strategy could allow the DEX to capture more volume on networks like Sei and Monad. DefiLlama states users have also deposited more than $5.5 billion in total value-locked.
