The world’s most popular decentralized exchange, Uniswap, has seen a surge in second-tier transaction volumes as ethereum transaction fees spike again.
On October 19, Uniswap founder Hayden Adams tweeted that the daily transaction volume of Uniswap v3 deployed on the second layer network has reached a record level. Adams estimated that Uniswap v3 processed a combined unprecedented $115 million in daily transaction volume on the Arbitrum and Optimism networks, without providing a source for the data.
Unprecedented $115M transaction volume on Uniswap v3 layer 2 network (arb + OE)!!
L2 season is here :)
— hayden.eth (@haydenzadams) October 18, 2021
While Adams’ post was made during peak US trading hours, data obtained from analytics provider Nomics at the time of writing (3:00AM UTC) shows Uniswap v3 trading on Arbitrum and Optimism over the past 24 hours The volumes are around US$80 million and US$14 million, respectively.
However, Uniswap v3’s total Layer 2 transaction volume is still small compared to mainnet deployments. Its mainnet deployment currently has a daily transaction volume of $1.3 billion, according to CoinGecko.
Despite the backing of Optimistic Ethereum by the Ethereum Foundation and crypto VC giant Andressen Horowitz, Arbitrum appears to have become the DeFi community’s second-layer rollups solution of choice.
Since its mainnet launch in early September, Aribtrum has accounted for 60% of the total value locked (TVL) on the second-tier network, according to second-tier data aggregator L2beat. Aribtrum's TVL has increased by 14% over the past week and now stands at $2.29 billion.
Decentralized derivatives exchange dYdX ranks second behind Arbitrum with a TVL of $838 million, or 22% of the space. In contrast, Optimism attracted only $269 million in locked capital and ranked third with a 7% share of TVL in second-tier networks.
On October 17, the TVL of the second-tier network totaled $3.8 billion, an all-time high.
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