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ethereum Layer 2 wallet addresses using decentralized exchange Uniswap nearly doubled last month compared to figures recorded in June.
Dune analytics data showed that 8.5 million ethereum (eth) addresses are trading on Uniswap across L2s like Arbitrum, Base, Optimism, Polygon, and ZKSync, marking a new all-time high. Uniswap is the largest DEX on any blockchain and generated nearly $100 million in fees in June.
eth Layer 2s run on top of or alongside the ethereum mainnet to support the second-largest decentralized network in the cryptocurrency world. While the blockchain co-created with Vitalik Buterin is known for its secure, permissionless transactions, bottlenecks often arise on the chain, increasing the cost of sending assets.
L2s were designed to decongest the eth mainchain and offer a cheaper way to operate in the larger decentralized financial ecosystem.
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ethereum L2 addresses are increasing, but TVL is decreasing
Protocols like Base and Polygon already had cheaper transaction costs, known as gas fees, than ethereum. However, the Dencun upgrade in March improved this offering.
According to L2Fees, it costs less than $1 to send Ether on layer 2 networks and less than $3 to exchange digital assets. This affordability is likely one of the main reasons why L2 addresses have been increasing since February, just before developers launched Dencun.
While this pattern has continued, total user deposits, called total value locked (TVL), have declined across all DeFi chains, including ethereum and its L2s.
According to data from DefiLlama, drops of up to 25% have been recorded. occurred Over the past 30 days, declining TVLs reflected market corrections and a general decline across altcoin sectors.
