Uniswap Protocol just smashed its own record for the third month in a row, with a trading volume of $15.65 billion on the Base network in January.
The last two months of 2024 also saw Uniswap hitting ATHs, proving it’s not just a one-hit wonder.
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Third time is the charm?
The monthly transaction volume on this dex has skyrocketed, and it seems like users are all about those memecoins, AI agents, and maybe the shiny new cbBTC.
Memecoins are strutting their stuff and stealing the spotlight, while Base is giving Solana a run for its money in attracting risk-loving traders.
Take a look at Virtual Protocol’s token, VIRTUAL. Trading at $2.05, it pulled in a $6.6 billion in monthly volume and has amassed $12.2 billion overall.
About USDC, it’s practically ruling the roost on Base since Coinbase decided to ditch USDT in Europe to keep things compliant with the EU’s crypto regulations. USDC’s trading volume hit $5.5 billion, with a market cap of $53.1 billion.
On the other hand, poor Tether’s USDT had a dismal January, barely scraping together $59 million in trading volume for the whole month.
More utility, more possibilities?
Users aren’t just chasing memes and AI tokens, but they’re also adopt Coinbase Wrapped Bitcoin quite fast.
Designed to play nice with DeFi applications, cbBTC is proving its worth with an FDV of $2.4 billion and a trading volume of $695.95 million.
Uniswap’s bustling activity has been a boon for Base itself. This network is literally buzzing with over 500 decentralized apps and has seen daily active users soar past 2 million this January alone.
What started as a playground for NFT and meme enthusiasts has matured into a serious contender in the DeFi space, especially with cbBTC taking center stage.
Rise
Base’s integration with Phantom Wallet also brought in a wave of new users during the last quarter of 2024.
With around $3.5 billion locked up in total value and nearly $20 billion in volume for January alone, Base is definitely making its mark, though it still trails behind Solana’s numbers.
Uniswap burst onto the scene back in November 2018 and quickly became a powerhouse in DeFi. It rode the bull run wave of 2021 like a champ, processing over 50 million transactions by that time.
Even during the bear market of 2022, it held steady and bounced back with less than 180 million transactions processed in 2023 before setting new records with over 300 million transactions in 2024.
