Uniswap Expands User Base and Prepares for Major Update
Uniswap has recently experienced a surge in user traffic, especially from the Base platform, due to the introduction of smart wallets and lower fees, making it more attractive to retail investors.
The platform’s presence on Ethereum and major L2 blockchains has drawn in more users, stablecoins, and ERC-20 tokens. Monthly active users from Base have been steadily increasing, boosting Uniswap’s overall market share and aiding the recovery of decentralized exchange (DEX) trading, which now sees around 10 million monthly active users, partly driven by bot activity.
~10M monthly active traders on DEXs@Uniswap rapidly increasing market share due to L2s in general, and @base in particular pic.twitter.com/hBC8lGVLLI
— Token Terminal (@tokenterminal) June 20, 2024
Uniswap remains a leader in fee generation, second only to Aerodrome DEX on the Base blockchain. Uniswap Labs reports daily earnings between $200,000 and $400,000, supported by up to 460,000 active daily wallets and leading in direct deposits. Despite competition in specialized trades, Uniswap continues to be the most widely used DEX, aside from the Solana ecosystem, and is a key platform for listing multiple tokens.
There has been a significant increase in new liquidity pool launches on Uniswap, with some deposits starting as low as 1 ETH, paired against various forms of WETH. These pools are highly volatile but indicate growing user engagement. UNI, Uniswap’s token, trades at $9.80, which is 50% below its yearly high but has doubled in value over the past year as more users return to DEX platforms and new trading tools become available.
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Uniswap’s growth on Base is part of a broader strategy to attract mainstream users. Base has seen an increase in smart wallets that function like secure internet logins. Uniswap’s integration with Moonpay is helping new Base users link their accounts to the exchange, enhancing accessibility.
Celebrating Onchain Summer is easier with @Uniswap.
Everyone’s favorite crypto unicorn has supported over 100 billion dollars of L2 volume in the last 90 days.
If you want to join the fun, it’s pretty simple.
Just top it, then swap it, at https://t.co/lFVFXgPxdD. pic.twitter.com/IKFXzzie9z
— MoonPay 🟣 (@moonpay) June 20, 2024
Previously, high fees on Uniswap limited its appeal to retail traders. However, the platform has recovered its locked value to $5.67 billion. Uniswap V3 maintains significant daily trading volumes across Ethereum, Polygon, Optimism, and Base, surpassing even the levels of the 2021 bull market due to increased Layer 2 activity and wider adoption.
Looking forward, Uniswap V4, expected to launch this summer or fall, aims to bring significant improvements. Features like on-chain limit orders and a unified pool manager will optimize liquidity and reduce fees, positioning Uniswap for continued growth and innovation in the DEX market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
