Uniswap achieved an unprecedented milestone in November 2024, with its monthly trading volume hitting $38 billion, marking a new all-time high for the decentralized exchange.

Uniswap’s Record-Breaking Volume

Ethereum layer-2 platforms drive Uniswap’s growth
Data from Dune Analytics reveals that Uniswap’s trading volume soared to $38 billion in November, surpassing its previous record of $34 billion in March 2024. This represents a remarkable 50% increase from October’s $20.32 billion volume.

Uniswap’s growth was fueled by Ethereum layer-2 scaling solutions, with Arbitrum contributing $19.5 billion, followed by Base at $9.19 billion, and Polygon at $4.33 billion.

UNI Token Performance

Uniswap’s native token sees significant gains
Uniswap’s UNI token experienced a 10% rise in the past 24 hours, trading at $12.84. Over the week, UNI surged by 44.87%, maintaining a market cap of $7.7 billion and ranking as the 26th largest cryptocurrency.

The token’s fully diluted valuation stands at $12.9 billion, with a circulating supply of 600 million tokens. UNI’s impressive performance reflects growing investor confidence amid the ongoing crypto rally.

Comparative Performance: Solana vs. Uniswap

Solana outpaces Uniswap in DEX trading volume
While Uniswap celebrated its milestone, Solana broke its own record with $109.73 billion in monthly decentralized exchange (DEX) trading volume. This marked a 50% increase from October’s $52.49 billion.

Although Solana surpassed Uniswap in total volume, Uniswap secured its position as a top DeFi protocol, outperforming rivals like Tron, Maker, and pump.fun in fees and revenue.

Broader Implications for DeFi

A resurgence in decentralized finance interest
The record-breaking milestones of Uniswap and Solana signal renewed interest in decentralized finance. These achievements highlight the growing adoption of DeFi platforms, driven by innovations in scalability and user-friendly protocols.

The Future of Uniswap and DeFi

Poised for further growth
Uniswap’s record performance underscores the potential of decentralized exchanges in the evolving crypto market. As Ethereum layer-2 platforms continue to drive scalability, Uniswap is well-positioned to capitalize on the resurgence of DeFi interest.