Unichain Approaches $12B Trading Volume, Attracting Users to Uniswap’s Layer 2

Unichain, Uniswap's Layer 2 network, is nearing a trading volume of $12B, just three months after hitting the mainnet. Launched in February, Unichain aims to offer enhanced user experience with faster, cheaper DeFi activities and reduced gas fees compared to Ethereum.

A significant amount of activity has shifted to Unichain, which processed 76% of Uniswap's total volume on May 9th. This surge in activity coincided with the launch of a $45M liquidity incentive program. Uniswap, facing competition from platforms like Raydium due to high Ethereum gas costs, is working to attract users by offering lower transaction fees and improved trading speeds.

The Layer 2 network now ranks as the fourth-largest by total value locked and has seen a 3,071% increase in active addresses over the past 30 days.