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Uniswap (UNI) Up 110% on Base/Optimism User Boom

Uniswap (UNI) Up 110% on Base/Optimism User Boom

The creator of one of the most popular decentralised exchanges (DEX), Uniswap (UNI) Labs, reports that over the past year, the number of users utilising its platform on Base and Optimism has more than doubled.

On Base, there is more swapping going on and optimism

Optimism and Base are two popular layer-2 scaling solutions for Ethereum that provide clear benefits to traders. Trader fees on Uniswap—implemented on both platforms—are significantly reduced when exchanging tokens.

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Swappers on Optimism and Base have increased noticeably, according to Uniswap Labs. The number has doubled from 124,970 in February 2023 to 310,050 in February 2024 during the last year, suggesting a growing need for these layer-2 solutions.

Uniswap users on Base and Optimism doubled | Source: Uniswap Labs on X
Users of Uniswap on X and Base have doubled, according to Uniswap Labs.

This increase is consistent with a trend in DeFi activity, as seen by the increasing total value locked (TVL) in several protocols, particularly starting in Q3 2023.

The entire DeFi TVL across all protocols, according to DefiLlama data as of March 7, is more than $96 billion. In 2023, it was less than $40 billion at one point.

Uniswap operates on several platforms, such as the BNB Chain. But Ethereum and Ethereum-compatible networks, such as Base and Optimism, are the primary activity sources.

With a TVL of $5.8 billion, Uniswap is the seventh-largest protocol, according to data. Most assets under control are split between Polygon, Ethereum, and Arbitrum. Although Uniswap handles $67 million and $80 million, Base and Optimism are also popular.

Top 10 DeFi protocols | Source: DeFiLlama
Complete 10 DeFi protocols | DeFiLlama as a source

Uniswap was first introduced on Ethereum in November, but it has subsequently been implemented on 13 more networks. To avoid the expensive petrol costs on Ethereum, Uniswap Labs aimed to improve user experience.

Optimism, Base, and Polygon are examples of Layer-2 solutions and sidechains that provide a conduit for users to trade while making use of cheap costs and quick throughput.

Uniswap (UNI) Keeps Growing

In late February 2024, Uniswap Labs stated that Uniswap v2 would be deployed across multiple layer-2 platforms. Even though it is one of the older versions, Uniswap v2 is still widely used.

The third version of Uniswap (UNI) is live and has been replicated in various protocols, namely PancakeSwap, a rival DEX well-liked in the BNB Chain.

Uniswap Labs are developing Uniswap v4. More features, such as Hooks, will be added to increase versatility.

UNI prices trending upward on the weekly chart | Source: UNIUSDT on Binance, TradingView
The weekly chart shows an increasing trend in UNI pricing. Source: UNIUSDT on Binance, TradingView

For UNI, Uniswap’s native token, the increase of users across multiple platforms has been favourable. The token has increased by over 110% since late February. It was changing hands for about $15 as of March 7.

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