The world’s most popular decentralized exchange, Uniswap, is seeing layer-two volumes surge as Ethereum transaction fees surge once again.
On Tuesday, Uniswap founder Hayden Adams tweeted that daily volume across v3 deployments of the decentralized exchange on layer-two networks has pushed into record levels. Adams estimated that Uniswap v3 processed an unprecedented $115 million in combined daily volume across the Arbitrum and Optimism networks without providing a source.
Uniswap v3 on layer 2 (arb + OE) doing an all time-time high of $115m volume!!— hayden.eth (@haydenzadams) October 18, 2021
2⃣ L2 season is here :)
While Adams’ post was published amid peak United States trading hours, data sourced from analytics provider Nomics at the time of writing (3:00 am UTC) suggests that Uniswap v3 drove $80 million in volume on Arbitrum and roughly $14 million on Optimism over the past 24 hours, respectively.
However, Uniswap’s v3 combined layer-two volumes are still tiny compared to its mainnet deployment, which currently represents $1.3 billion in daily activity, according to CoinGecko.
Despite the Ethereum Foundation and crypto venture giant Andressen Horowitz backing Optimism, Arbitrum appears to have emerged as the decentralized finance community’s second-layer rollups solution of choice.
According to layer-two data aggregator L2beat, Aribtrum represents 60% of the total value locked (TVL) across layer-two networks combined since its mainnet launch in early September. Arbitrum’s TVL currently sits at $2.29 billion after increasing by 14% over the past week.
Decentralized derivatives exchange dYdX ranks second behind Arbitrum with $838 million or 22% of value locked in the sector. Comparatively, Optimism has attracted just $269 million in locked capital, ranking as the third-largest layer two with a 7% share of TVL.
The combined TVL of layer-two networks tagged a record-high $3.8 billion on Sunday.