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Uniswap’s recently launched Ethereum layer-2 network, Unichain, was the fastest-growing blockchain successful its debut month, according to blockchain information steadfast Nansen.
Unichain, which launched its mainnet connected Feb. 11, saw 236,452 progressive addresses successful its archetypal month, according to blockchain analytics steadfast Nansen. While awesome for a caller network, Unichain’s idiosyncratic basal remains tiny compared to Solana’s 112 cardinal full users and the astir 19 cardinal progressive users connected Base and BNB Chain.
Berachain has much progressive addresses, but Unichain’s DEX measurement dominates. Source: Nansen
However, Unichain has already emerged arsenic a large subordinate successful decentralized speech (DEX) volume, recording $217.7 cardinal — ranking 3rd successful the manufacture and surpassing Ethereum’s basal furniture astatine $91.2 billion.
Uniswap surges to industry’s apical 3 successful DEX measurement successful the period aft debut. Source: Nansen
Berachain, which debuted successful aboriginal February, reported a 30-day DEX measurement of $3.78 billion, placing it eighth successful the industry. It had a overmuch higher fig of progressive addresses than Unichain, which had 1.7 million.
Among established networks, BNB Chain saw the lone DEX measurement increase, surging 161% to $233.9 billion, making it the second-largest by volume.
Uniswap’s furniture 2 motorboat reclaims DEX throne
Uniswap had been the largest DEX for astir of its existence, but precocious Ethereum state fees drove users toward cheaper alternatives similar Solana and BNB Chain — particularly during the caller memecoin frenzy. Uniswap conceded the apical DEX spot to Solana-based Raydium successful October and November 2024 arsenic a result.
Related: Uniswap debuts Unichain mainnet, joins crowded ETH L2 ecosystem
With the emergence of Ethereum layer-2 solutions and the motorboat of Unichain, users tin present entree Uniswap’s services with little fees and faster transactions. On launch, Uniswap waived each interface fees for swaps, and the web boasted one-second artifact times, with plans to trim them to 250 milliseconds.
As of March 10, Uniswap has reclaimed its presumption arsenic the apical DEX by full worth locked (TVL), according to DefiLlama.
Uniswap’s DEX TVL leads contempt industry-wide struggles. Source: DefiLlama
Solana’s cools amid memecoin decline
Industry-wide TVL has dropped from $138 cardinal successful mid-December 2024 to $91.8 cardinal arsenic of March 10, per DefiLlama.
DeFi activities dilatory arsenic memecoin hype quiets down. Source: DefiLlama
Meanwhile, Solana remained the person successful progressive addresses, transactions and DEX volume, but its key metrics person declined successful the past 30 days, Nansen information shows. Active addresses are down 19%, transactions person dropped 70% and DEX measurement has fallen 27%.
Solana has been the go-to web for memecoin trading, with celebrities and adjacent governmental figures launching tokens. However, declining capitalist appetite, bot activity and scam allegations — specified arsenic the contention surrounding the Argentine president-backed token linked to Hayden Davis and Libra — person weighed connected sentiment. Solana’s token motorboat activity and wide market sentiment connected memecoins person since dropped.
Magazine: What Solana’s critics get right… and what they get wrong
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