UniSwap Layer 2 solutions have hit a new all-time high that is 4x the previous record signaling impressive growth for UniSwap, Arbitrum, and Optimism.
Uniswap inventor, Hayden Adams, recently made the announcement saying the ATH volume hit $33.4 million during a 24-hr period.
In November 2020 Arbitrum claims to have achieved a reduction in gas costs of 55 times for its testnet port of Uniswap v2 supporting 390 swaps per second compared to just seven on the Ethereum mainnet.
On May 27, 2021, Uniswap voted to deploy V3 on Arbitrum.
Arbitrum is a layer 2 solution designed to improve the capabilities of Ethereum smart contracts boosting their speed and scalability while adding in additional privacy features to boot.
The platform is designed to allow developers to easily run unmodified EVM contracts and Ethereum transactions on a second layer while still benefiting from Ethereum’s excellent layer 1 security.
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Arbitrum uses a technique known as transaction rollups to record batches of submitted transactions on the Ethereum main chain and execute them on a cheap, scalable layer 2 sidechain while leveraging Ethereum to ensure correct results.
This process helps to offload most of the computational and storage burden Ethereum currently suffers from while enabling new classes of powerful layer 2 scaling solutions.
Optimism is an Ethereum Layer 2 scaling solution that uses optimistic rollups to achieve far lower fees, far lower latency, and far greater throughput versus Ethereum Layer 1 alone while also providing a world-class developer and user experience.
In July 2021, Uniswap V3 launched on Optimism, projecting the following benefits for users:
- Speed with security
- Gas costs on optimism are 35 times cheaper than on Ethereum
- Optimistic rollups publish state changes to the main chain with minimal inspection and fraud checking allowing for additional speed
- Uniswap estimates that, based on usage stats on the main chain, Optimistic Ethereum will offer up to 10x cost savings
Uniswap V3 launched in early May 2021 and quickly became the exchange with the most trading volume.
In the last 24 hours, as of this writing, the DEX has a trading volume of $927,599,578 and commands 22.5% market share of total activity across decentralized exchanges.
This is no doubt boosted by the Arbitrum + Optimism scaling option.
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RECOMMENDED READING: [WATCH] Uniswap V3 Launches on Optimistic Ethereum Offering Up to 10x Transaction Cost Savings
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