Uniswap gets deployed on Coinbase's Layer 2 network Base

Quick Take

  • Uniswap’s version 3 has been integrated into Coinbase’s Layer 2 network Base.
  • Within a day of its launch, Uniswap on Base saw more than 10,000 transactions.

Uniswap, the largest decentralized exchange on Ethereum by trading volume, has been integrated into Coinbase's Base network, enabling users to swap tokens on the Layer 2 network.

Since the integration went live, Uniswap — specifically the third iteration of its exchange — on Base recorded more than 11,700 transactions and about $3.65 million in trading volume. This makes it the fourth-largest DEX by volume on Base, following RocketSwap, BaseSwap, and SushiSwap, according to CoinGecko data.

The Base network is set to open to the public this Thursday, during an event dubbed “Onchain Summer.” In the lead-up to this debut, a combination of developers and users have already transferred assets valued at over $100 million to the network.

Incidents on Base

Base operates on the OP software stack and functions as a Layer 2 blockchain. It was first launched on July 13, intended solely for developers. Despite this, many users, in anticipation of its official release, migrated their assets to the network using a bridge contract and unofficial bridges mostly to trade emerging memecoins.

LeetSwap, one of Base’s first decentralized exchanges, suffered a significant security hack on July 31. It’s worth mentioning that LeetSwap’s development came from an unidentified team. In contrast, Uniswap and SushiSwap, now available on Base, are both more established.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.