Arbitrum above Optimism as Uniswap registers record volume on Layer 2

The Uniswap v3 processed an unmatched combined daily volume of 115 million across the Arbitrum and Optimism networks.
The Uniswap v3 processed an unmatched combined daily volume of 115 million across the Arbitrum and Optimism networks.

Hayden Adams, the founder of Uniswap, tweeted today, revealing that the daily volume across v3 deployments of the Uniswap on layer-two networks has touched record levels. He further added that the Uniswap v3 processed an unmatched combined daily volume of $115 million across the Arbitrum and Optimism networks. However, he didn’t add any source for verification.

With the repeated surge in the transaction fees of Ethereum, Uniswap, the world’s highest gaining decentralized exchange, is witnessing the layer-two volume increase.

Adams posted the tweet during the peak hours of U.S. trading. As per the analytics provider Nomics, the Uniswap v3 brought $82 million volume on Arbitrum and around $14.5 million on Optimism in the last 24 hours.

However, the combined layer-two volumes of Uniswap v3 are still small in comparison to mainnet deployment, which is around $1.3 billion in 24 hours.

Despite the backing of Optimistic Ethereum by Ethereum Foundation and venture capital giant Andressen Horowitz, Arbitrum seems to be the favorite solution for the second-layer rollup of the DeFi community.

As per the data aggregator L2beat, since the launch of its mainnet in September, Arbitrum has contributed 60% of the Total Value Locked (TVL) across combined layer-two networks. In the last week, the TVL has surged by 14%, and currently, it is standing around $2.3 billion.

dYdX ranks second after Arbitrum

With 22% of value locked or $838 million, DeFi derivatives exchange dYdX stands at the second position after Arbitrum. Along with this, Optimism, with a 7% share in second-layer TVL, is able to attract only $269 million and is currently sitting at the third position.

On October 17, the total layer-two networks TVL reached a record-high at $3.8 billion. 

TheCoinRise reported that after the Chinese government’s crypto banning announcement, the country’s investors start heading to the DeFi sector, increasing its adoption after September 24. The results are visible now.

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