Uniswap’s L2 Activity Hits Historic High of $38 Billion in November

Leading DEX platform, Uniswap notched a new record in terms of monthly trading volume on Ethereum Layer 2 solutions, as DeFi users flocked back to the platform in droves.

Data compiled from Dune Analytics shows that Uniswap recorded $38 billion in trading activity across major L2 networks, including Base, Arbitrum, Polygon, and Optimism. The November total exceeded its previous high, set in March, by $4 billion.

Uniswap Labs noted,

“Onchain history is being made. New all-time high for monthly L2 volume on the Uniswap Protocol.”

With $19.5 billion in monthly trading volume, Arbitrum topped Uniswap’s charts, followed by Coinbase-incubated Base network at $13 billion. Uniswap’s growing activity on Ethereum Layer 2s can be attributed to the broader DeFi sector’s increasing appetite for assets and stablecoins.

Arthur Cheong, the founder of Defiance Capital drew a parallel between the ongoing DeFi Renaissance and the transformative European Renaissance, emphasizing its potential to redefine global finance. Just as the European Renaissance marked a cultural and intellectual awakening, the DeFi movement is reshaping traditional finance by leveraging blockchain technology and smart contracts, Cheong said in his latest post on X.

The executive said that DeFi democratizes access to financial services, eliminates inefficiencies, and offers a trustless, 24/7 financial ecosystem. After overcoming the “trough of disillusionment,” the sector is now entering a phase of growth, driven by improved infrastructure, regulatory clarity, and macroeconomic factors like declining interest rates.

With improvements in user experience, security, and emerging trends like liquid staking and restaking, DeFi is maturing into a scalable and efficient alternative to traditional financial systems. Cheong further added that this evolution is not merely a trend but a seismic shift in the financial landscape.