- Uniswap Layer 2 users have surged by 350%, but trading volume has dropped 39% since May.
- Poodlana’s presale has raised $6.3M, with the listing set for August 16 on Raydium.
- Poodlana’s token POODL is currently valued at $0.0499 with the price rising every 72 hours before listing.
In a rapidly evolving crypto landscape, two key developments have captured the attention of the community. Uniswap’s Layer 2 (L2) user count has surged by 350% in recent months, while Poodlana (POODL), a viral Solana-based meme coin, is approaching its highly anticipated listing on Raydium.
As market dynamics shift, both events highlight the growing interest in decentralized finance (DeFi) and innovative token projects.
Uniswap’s Layer 2 user surge
Uniswap, the leading decentralized exchange (DEX) by trading volume, has recently witnessed a significant spike in its Layer 2 (L2) user base.
From May to July, the number of unique addresses interacting with Uniswap on L2s increased from 1.82 million to a staggering 8.93 million, a 350% rise, according to Dune Analytics.
June and July each set consecutive all-time highs, far surpassing the previous record of 2.12 million in April.
This surge in user activity, however, comes with a caveat. Despite the dramatic increase in unique addresses, Uniswap’s overall trading volume has been on a steady decline.
After reaching an all-time high of $33.6 billion in March, monthly protocol volume dropped by 31% to $23.2 billion in June and further declined by 12% to $20.5 billion in July. This 39% decrease between May and July suggests that while more users are engaging with Uniswap on L2s, they may be transacting smaller amounts.
The disproportionate rise in users and the corresponding drop in trading volume raises concerns about the quality of the user growth. Analysts have pointed out that this pattern is reminiscent of Sybil attacks, where users create multiple addresses to manipulate protocols, often in anticipation of airdrops.
A closer look at the data reveals that 80% of Uniswap’s monthly active traders in July were concentrated on Coinbase’s L2, Base, which is suspected of being the primary site of Sybil activity.
When excluding Base from the data, Uniswap’s unique monthly addresses on L2s have been steadily declining since April. While it’s unlikely that all the activity on Base is due to Sybil attacks,…