In the past month, Uniswap activity has reached new highs, driven by the versions on Arbitrum and Base, the leading L2 chains. Uniswap volumes on Arbitrum have grown significantly, making it a key venue for scalable and cheaper DEX trading. On Base, Uniswap remains the second most active DEX. The increased activity on Uniswap is also reflected in fees, as it has surpassed Ethereum and ranked among the top fee producers. Uniswap V3 has achieved strong fee performance, surpassing previous months. Despite monthly losses, Uniswap is still seen as a net benefit to its ecosystem participants. The most active asset on Uniswap is Wrapped ETH, and USDT stablecoins are used for cashing out of WETH. Uniswap is also ranked sixth in terms of total value locked. UNI tokens have reached a one-month peak and have a chance to revisit its 2024 high. UNI open interest has also reached a six-month high. DEX tokens as a whole have become more active and have seen significant growth.



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