Uniswap’s new Ethereum layer-2 network, Unichain, has made a significant debut by becoming the fastest-growing blockchain in its first month, according to Nansen.
Unichain launched on February 11 and had 236,452 active addresses in its first month. Although this is impressive for a newcomer, according to blockchain analytics firm Nansen. its user base is still small when compared to Solana’s 112 million users and the roughly 19 million active users on Base and BNB Chain.
Despite the modest number of users, Unichain has rapidly become a major force in decentralized exchange (DEX) trading, recording a volume of $217.7 billion. This achievement places it third in the industry, even surpassing Ethereum’s base layer, which had $91.2 billion in DEX volume.
In a similar vein, Berachain, which also launched in early February, reported a 30-day DEX volume of $3.78 billion, ranking eighth in the sector. Notably, Berachain had a much higher count of active addresses—1.7 million—compared to Unichain.
Among established networks, only BNB Chain experienced a surge in DEX volume, increasing by 161% to reach $233.9 billion, making it the second-largest in terms of trading volume.
Uniswap Reclaims Its DEX Crown with Layer-2 Launch
Historically, Uniswap was the leading DEX, but high Ethereum gas fees drove many users to more affordable alternatives like Solana and BNB Chain—especially during the recent memecoin frenzy. As a result, Uniswap lost its top position to Solana-based Raydium in October and November 2024.
The introduction of Ethereum layer-2 solutions, highlighted by Unichain, now enables users to benefit from lower fees and faster transactions on Uniswap. At launch, Uniswap waived all interface fees for swaps, and the network promised one-second block times, with plans to reduce them further to 250 milliseconds.
As of March 10, Uniswap has retaken its position as the top DEX by total value locked (TVL), according to DefiLlama.
Solana’s Decline Amid a Cooling Memecoin Market
Overall industry TVL has dropped from $138 billion in mid-December 2024 to $91.8 billion by March 10, as per DefiLlama.
Although Solana continues to lead in active addresses, transactions, and DEX volume, Nansen data indicates that key metrics for Solana have declined over the past 30 days: active addresses are down 19%, transactions have fallen by 70%, and DEX volume has decreased by 27%. Solana had been the hotspot for memecoin trading, attracting celebrities and political figures alike. However, a drop in investor interest, reduced bot activity, and various scam allegations—including controversy around an Argentine president-backed token linked to Hayden Davis and Libra—have dampened sentiment. This shift has resulted in a decrease in token launch activity and overall enthusiasm for memecoins on the network.
