Uniswap’s new Ethereum layer-2 network, Unichain, has emerged as the fastest-growing blockchain in its initial month, as revealed by data from market intelligence firm Nansen. Launched on February 11, Unichain has impressively registered 236,452 active addresses within its first 30 days. While these numbers are significant for a new entry, they still lag behind more established networks like Solana and BNB Chain.
Unichain’s decentralized exchange (DEX) volume has placed it prominently in the industry, achieving a remarkable $217.7 billion, positioning it third behind only prominent blockchains and surpassing Ethereum’s base layer. Although Berachain, another newcomer, reported $3.78 billion in DEX volume, placing eighth in the sector, it boasted over 1.7 million active addresses, indicating higher user engagement than Unichain.
Among existing networks, BNB Chain was the only one to see a significant uptick in DEX volume, increasing 161%, reaching $233.9 billion, securing it the second spot in the market.
Uniswap, historically the largest DEX, ceded its top position due to Ethereum’s high gas fees, which pushed users towards more cost-effective alternatives like Solana and BNB Chain—especially during a surge in memecoin interest. However, with the introduction of Uniswap’s layer-2 solution, Unichain, the platform offers lower fees and expedited transactions, reclaiming its position as the leading DEX in terms of total value locked (TVL), according to DefiLlama.
Conversely, Solana, although still leading in active addresses, transactions, and DEX volume, has seen a decline in these metrics over the past month. A decrease in investor enthusiasm and the quieting of the previously intense memecoin trading activity are thought to have contributed to this downturn. Solana’s trade volumes in the memecoin sector have diminished amidst controversies and scam accusations, affecting overall market sentiment.
