Ethereum

2024

Uniswap

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Polygon

<p class="is-style-lead">Ethereum layer-2 wallet addresses using Uniswap’s decentralized exchange nearly doubled last month compared to numbers recorded in June.</p> 
<p>Dune analytics data showed 8.5 million Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) addresses trading on Uniswap via L2s like Arbitrum, Base, Optimism, Polygon, and ZKSync, setting a new all-time high. Uniswap is the biggest DEX on any blockchain, <a href="https://crypto.news/uniswap-monthly-fees-near-100m-as-platform-dominates-other-dexs/">generating</a> almost $100 million in fees in June.</p> 
<p>ETH layer-2s run atop or adjacent to Ethereum’s mainnet to help the second-largest decentralized network in crypto. Although Vitalik Buterin’s co-created blockchain is known for secure permissionless transactions, on-chain bottlenecks often arise, increasing the cost of sending assets.</p> 
<p>L2s were designed to decongest ETH’s primary chain and offer a cheaper pathway to trading on the biggest decentralized finance ecosystem.</p> 
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   <p lang="en" dir="ltr">Over 8.5M addresses on L2s last month<br><br>That's almost double the previous all-time high 🤯 <a href="https://t.co/n7bFWFuoMv" target="_blank" rel="">pic.twitter.com/n7bFWFuoMv</a></p>— Uniswap Labs 🦄 (@Uniswap) <a href="https://twitter.com/Uniswap/status/1821897021260792093?ref_src=twsrc%5Etfw" target="_blank" rel="">August 9, 2024</a>
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<p> You might also like: <a href="https://crypto.news/ethereum-price-prediction-18k-on-the-horizon/"> Surprising Ethereum price prediction: $18,000 on the horizon? </a> </p> 
<h2 class="wp-block-heading" id="ethereum-l2-addresses-rise-but-tvl-is-down">Ethereum L2 addresses rise, but TVL is down</h2> 
<p>Protocols like Base and Polygon already boasted cheaper transaction costs, known as gas fees, than Ethereum. However, the March Dencun upgrade <a href="https://crypto.news/dencun-is-finally-live-did-it-actually-reduce-fees/" target="_blank" rel="noreferrer noopener">improved</a> this offer.</p> 
<p>According to L2Fees, it costs less than $1 to send Ether on layer-2 networks and under $3 to swap digital assets. This affordability is likely a major reason L2 addresses have increased since February, just before developers shipped Dencun.</p> 
<p>While this pattern has played out, total user deposits, called total value locked (TVL), have decreased across DeFi chains, including on Ethereum and its L2s.</p> 
<p>Per DefiLlama data, up to 25% drops have <a href="https://defillama.com/chains" target="_blank" rel="">occured</a> in the last 30 days. Decreasing TVLs echoed market corrections and a broad downswing in altcoin sectors.</p> 
<p> Read more: <a href="https://crypto.news/blackrock-seeks-to-launch-options-on-ethereum-etf/"> BlackRock seeks to launch options on Ethereum ETFs. What does this mean for the market? </a> </p>

Uniswap Ethereum L2 addresses reach new high of 8.5m

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