Uniswap’s newly launched Ethereum layer-2 community, Unichain, was the fastest-growing blockchain in its debut month, in accordance with blockchain information agency Nansen.
Unichain, which launched its mainnet on Feb. 11, noticed 236,452 lively addresses in its first month, in accordance with blockchain analytics agency Nansen. Whereas spectacular for a brand new community, Unichain’s consumer base stays small in comparison with Solana’s 112 million whole customers and the roughly 19 million lively customers on Base and BNB Chain.
Berachain has extra lively addresses, however Unichain’s DEX quantity dominates. Supply: Nansen
Nonetheless, Unichain has already emerged as a serious participant in decentralized change (DEX) quantity, recording $217.7 billion — rating third within the {industry} and surpassing Ethereum’s base layer at $91.2 billion.
Uniswap surges to {industry}’s prime three in DEX quantity within the month after debut. Supply: Nansen
Berachain, which debuted in early February, reported a 30-day DEX quantity of $3.78 billion, putting it eighth within the {industry}. It had a a lot increased variety of lively addresses than Unichain, which had 1.7 million.
Amongst established networks, BNB Chain noticed the one DEX quantity improve, surging 161% to $233.9 billion, making it the second-largest by quantity.
Uniswap’s layer 2 launch reclaims DEX throne
Uniswap had been the most important DEX for many of its existence, however excessive Ethereum fuel charges drove customers towards cheaper options like Solana and BNB Chain — particularly through the current memecoin frenzy. Uniswap conceded the highest DEX spot to Solana-based Raydium in October and November 2024 because of this.
Associated: Uniswap debuts Unichain mainnet, joins crowded ETH L2 ecosystem
With the rise of Ethereum layer-2 options and the launch of Unichain, customers can now entry Uniswap’s providers with decrease charges and quicker transactions. On launch, Uniswap waived all interface charges for swaps, and the community boasted one-second block occasions, with plans to cut back them to 250 milliseconds.
As of March 10, Uniswap has reclaimed its place as the highest DEX by whole worth locked (TVL), in accordance with DefiLlama.
Uniswap’s DEX TVL leads regardless of industry-wide struggles. Supply: DefiLlama
Solana’s cools amid memecoin decline
Business-wide TVL has dropped from $138 billion in mid-December 2024 to $91.8 billion as of March 10, per DefiLlama.
DeFi actions sluggish as memecoin hype quiets down. Supply: DefiLlama
In the meantime, Solana remained the chief in lively addresses, transactions and DEX quantity, however its key metrics have declined up to now 30 days, Nansen information reveals. Energetic addresses are down 19%, transactions have dropped 70% and DEX quantity has fallen 27%.
Solana has been the go-to community for memecoin buying and selling, with celebrities and even political figures launching tokens. Nonetheless, declining investor urge for food, bot exercise and rip-off allegations — such because the controversy surrounding the Argentine president-backed token linked to Hayden Davis and Libra — have weighed on sentiment. Solana’s token launch exercise and general market sentiment on memecoins have since dropped.
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