The world’s most popular decentralized exchange, Uniswap, is seeing layer two volumes surge as Ethereum transaction fees surge once again.

Source: cointelegraph.com

On Oct. 19, Uniswap founder Hayden Adams tweeted that daily volume across v3 deployments of the decentralized exchange on layer-two networks has pushed into record levels. Adams estimated that Uniswap v3 processed an unprecedented $115 million in combined daily volume across the Arbitrum and Optimism networks without providing a source.

While Adams’ post was published amid peak U.S. trading hours, data sourced from analytics provider Nomics at the time of writing (3 am UTC) suggests that Uniswap v3 drove $80 million in volume on Arbitrum and roughly $14 million on Optimism over the past 24 hours respectively.

However, Uniswap v3’s combined layer-two volumes are still tiny compared to its mainnet deployment — which currently represents $1.3 billion in daily activity according to CoinGecko.

Despite the Ethereum Foundation and crypto venture giant Andressen Horowitz backing Optimistic Ethereum, Arbitrum appears to have emerged as the DeFi community’s second-layer rollups solution of choice.

According to layer-two data aggregator L2beat, Aribtrum represents 60% of the total value locked (TVL) across layer-two networks combined since its mainnet launch in early September. Arbitrum’s TVL currently sits at $2.29 billion after increasing by 14% over the past week.

Decentralized derivatives exchange dYdX ranks second behind Arbitrum with $838 million or 22% of value locked in the sector. Comparatively, Optimism has just attracted just $269 million in locked capital, ranking as the third-largest layer-two with a 7% share of second-layer TVL.

The combined TVL of layer-two networks tagged a record-high $3.8 billion on Oct. 17.

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