cryptonewsz.com
Amid the bullish season in the crypto market, Ethereum’s DeFi ecosystem is experiencing a resurgence, with the total value locked (TVL) surpassing $80 billion, the highest in over two years. This surge is fueled by increased market activity on protocols and Dapps, including Lido, Aave, Uniswap, and others.
Uniswap and Aave Leads the Race on Ethereum
Uniswap has set a new record for monthly trading volume on Ethereum layer-2 networks, reaching a whopping $38 billion in November with an impressive market capitalization of $7.56 billion. This is almost a 50% jump from October’s $20.32 billion.
The majority of this volume was contributed by Arbitrum, which accounted for $19.5 billion, followed by Base ($9.19 billion) and Polygon ($4.33 billion).
The platform’s team, Uniswap celebrated the milestone, stating, “Onchain history is being made. New all-time high for monthly L2 volume on the Uniswap protocol.” The success has also been reflected in the performance of Uniswap’s native UNI token, which saw a 10% rise over the past 24 hours, reaching $12.84.
Aave, the largest DeFi lending protocol, has also achieved an impressive milestone. Despite the platform has surged to $33 billion, a 230% increase since the beginning of 2024. The surge in activity on platforms like Uniswap and Aave shows the growing appeal of DeFi solutions.