Uniswap’s newly launched Ethereum layer-2 community, Unichain, was the fastest-growing blockchain in its debut month, in accordance with blockchain knowledge agency Nansen.
Unichain, which launched its mainnet on Feb. 11, noticed 236,452 energetic addresses in its first month, according to blockchain analytics agency Nansen. Whereas spectacular for a brand new community, Unichain’s person base stays small in comparison with Solana’s 112 million whole customers and the roughly 19 million energetic customers on Base and BNB Chain.
Berachain has extra energetic addresses, however Unichain’s DEX quantity dominates. Supply: Nansen
Nevertheless, Unichain has already emerged as a serious participant in decentralized trade (DEX) quantity, recording $217.7 billion — rating third within the {industry} and surpassing Ethereum’s base layer at $91.2 billion.
Uniswap surges to {industry}’s prime three in DEX quantity within the month after debut. Supply: Nansen
Berachain, which debuted in early February, reported a 30-day DEX quantity of $3.78 billion, inserting it eighth within the {industry}. It had a a lot increased variety of energetic addresses than Unichain, which had 1.7 million.
Amongst established networks, BNB Chain noticed the one DEX quantity enhance, surging 161% to $233.9 billion, making it the second-largest by quantity.
Uniswap’s layer 2 launch reclaims DEX throne
Uniswap had been the most important DEX for many of its existence, however excessive Ethereum fuel charges drove customers towards cheaper alternate options like Solana and BNB Chain — particularly in the course of the current memecoin frenzy. Uniswap conceded the highest DEX spot to Solana-based Raydium in October and November 2024 because of this.
Associated: Uniswap debuts Unichain mainnet, joins crowded ETH L2 ecosystem
With the rise of Ethereum layer-2 options and the launch of Unichain, customers can now entry Uniswap’s providers with decrease charges and quicker transactions. On launch, Uniswap waived all interface charges for swaps, and the community boasted one-second block instances, with plans to cut back them to 250 milliseconds.
As of March 10, Uniswap has reclaimed its place as the highest DEX by whole worth locked (TVL), according to DefiLlama.
Uniswap’s DEX TVL leads regardless of industry-wide struggles. Supply: DefiLlama
Solana’s cools amid memecoin decline
Business-wide TVL has dropped from $138 billion in mid-December 2024 to $91.8 billion as of March 10, per DefiLlama.
DeFi actions sluggish as memecoin hype quiets down. Supply: DefiLlama
In the meantime, Solana remained the chief in energetic addresses, transactions and DEX quantity, however its key metrics have declined prior to now 30 days, Nansen knowledge reveals. Energetic addresses are down 19%, transactions have dropped 70% and DEX quantity has fallen 27%.
Solana has been the go-to network for memecoin trading, with celebrities and even political figures launching tokens. Nevertheless, declining investor urge for food, bot activity and rip-off allegations — such because the controversy surrounding the Argentine president-backed token linked to Hayden Davis and Libra — have weighed on sentiment. Solana’s token launch activity and general market sentiment on memecoins have since dropped.
Journal: What Solana’s critics get right… and what they get wrong
