Uniswap’s Surge on Ethereum Layer 2s: Insights & Trends

I've just wrapped up a Twitter thread diving deep into the fascinating world of Uniswap's activities across Ethereum Layer 2 solutions, and I think you'll find the insights quite intriguing. Here's a brief overview:

  • Staggering Volumes: Uniswap has seen a whopping $185 billion in swap volume on Ethereum Layer 2s, with a lion's share of 57% attributed to Arbitrum.
  • User Preferences: When it comes to platform choice, 30% of Layer 2 swappers lean towards Polygon, closely followed by Optimism at 18%.
  • Shifting Dynamics: Throughout 2023, there's been a noticeable shift with Arbitrum overtaking Polygon in terms of weekly active swappers, signaling changing user preferences.
  • Volume Insights: Arbitrum has significantly outpaced Polygon in weekly swap volumes, often by 3x to 6x, with Optimism maintaining a steady half of Polygon's volume.
  • Retention Rates: Arbitrum and Optimism stand out for their high user retention rates, underscoring their robust ecosystems.
  • Community Composition: While Polygon is the go-to for retail swappers, Arbitrum attracts a significant number of whales, indicating varied community engagement across platforms.
  • Transaction Costs: In the crucial aspect of gas fees, Polygon emerges as the most wallet-friendly option, with Optimism at the higher end.

For those keen on the nitty-gritty details and the full breadth of data, I've shared a link to an extensive dashboard in the final tweet of the thread. This exploration not only highlights Uniswap's significant footprint on Ethereum Layer 2s but also sheds light on the evolving user behavior and platform performance in the DeFi space.

Check out the full thread https://twitter.com/PineAnalytics/status/1750926183569502306 and let's get the conversation going. What do you think drives the preference for specific Layer 2 solutions, and how do you see this landscape evolving?


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