Layer by Layer Issue 38: Cosmos, NEAR and Solana

Layer 1 (L1) blockchains today consist of many different moving parts that collectively define the typical user experience in an ecosystem. In this series, we have frequently explored the impact of DeFi protocols on individual L1s, which are often significant predictors of on-chain activity overall. One way to visualize this impact is to look at Uniswap’s share of total daily on-chain volume on Ethereum; Uniswap is currently the highest-volume decentralized exchange (DEX) on Ethereum and among DEXs overall.

Uniswap’s share of Ethereum on-chain volumes has risen steadily over the past year, highlighting its continued and growing influence on overall network activity. In July 2021, Uniswap V3 accounted for about 14% of daily volume on Ethereum on average, compared to about 31% for this past June.