儘管擔心 9 月增速放緩，Uniswap 仍擴大在 L2 鏈上的業務

由於需要更優惠的費用，過去 12 個月標誌著向 L2 的轉變。 Uniswap V3 在過去 12 個月中增加了在 L2 鏈上的影響力。

Uniswap (UNI) continues to expand its presence on Layer 2 (L2) chains, despite concerns over a slowdown in activity during September. The past 12 months were marked by a mass exodus to L2 due to the demand for lower fees.

儘管人們擔心 9 月的活動放緩，但 Uniswap (UNI) 仍在繼續擴大其在第 2 層 (L2) 鏈上的業務。過去 12 個月，由於要求降低費用，大量人員湧向 L2。

Uniswap V3, in particular, has seen a significant increase in activity on L2 chains over the past 12 months. For September, the leading decentralized exchange (DEX) boasted triple the volumes compared to the same month last year.

尤其是 Uniswap V3，過去 12 個月 L2 鏈上的活動顯著增加。 9 月份，領先的去中心化交易所 (DEX) 的交易量是去年同月的三倍。

Uniswap facilitated a total of $11.68 billion in swaps, compared to $4.29 billion for September 2023. During that time, Uniswap also expanded its presence to a total of 23 chains.

Uniswap 促成了總計 116.8 億美元的互換交易，而 2023 年 9 月為 42.9 億美元。

However, the dominant chains continue to be Base and Arbitrum, owing to their low fees and aggressive marketing. Soon after its launch, Base began siphoning liquidity pools for Ethereum, largely due to the creation of meme tokens.

然而，由於其低廉的費用和積極的營銷，主導的連鎖店仍然是 Base 和 Arbitrum。推出後不久，Base 就開始吸收以太坊的流動性池，這主要是因為 meme 代幣的創建。

As a result of the lively DEX activity, Uniswap generated a total of $43.28 million in monthly fees. While Uniswap did experience a slowdown in September, the past few months were the most successful in the history of the DEX.

由於活躍的 DEX 活動，Uniswap 每月總共產生了 4,328 萬美元的費用。雖然 Uniswap 在 9 月確實經歷了放緩，但過去幾個月是 DEX 歷史上最成功的幾個月。

The rapid influx of users on Base also propelled Uniswap to become the leading exchange for meme token swaps. Over the past year, Uniswap also expanded on the Celo protocol. Celo is still an L1 but may transform into an L2 to better align with the culture of Ethereum (ETH).

Base 用戶的快速湧入也推動 Uniswap 成為 meme 代幣交換的領先交易所。在過去的一年裡，Uniswap 也擴展了 Celo 協定。 Celo 仍然是 L1，但可能會轉變為 L2，以更好地符合以太坊 (ETH) 的文化。

Uniswap’s growth on L2 comes as no surprise, considering it has increased by more than 20X since 2021. For 2024, Uniswap will have to break its own record of $192 billion in annual trades.

Uniswap 在 L2 上的成長並不令人意外，因為它自 2021 年以來已成長了 20 倍以上。

At the same time, Ethereum still remains the layer that still carries $3.72 billion in value locked, due to legacy pools and pairs. Ethereum is still the biggest source of stablecoins, despite the inflows of USDT into Arbitrum and other L2.

同時，由於遺留池和貨幣對，以太坊仍然是鎖定價值 37.2 億美元的層。儘管 USDT 流入 Arbitrum 和其他 L2，以太坊仍然是穩定幣的最大來源。

Arbitrum leads in volumes, but Base has the most pools

Arbitrum 在數量上領先，但 Base 擁有最多的礦池

Uniswap’s success hinges on carrying both large-scale volumes and multiple small pools. Arbitrum is the leader in terms of volumes, with more than $211 million in daily activity.

Uniswap 的成功取決於同時擁有大規模的交易量和多個小型礦池。 Arbitrum 在交易量方面處於領先地位，每日活動超過 2.11 億美元。

On Arbitrum, Uniswap V3 carries 251 coins in 485 pairs. The same version on Base reflects much more active token minting, with 338 coins and tokens in 694 total pairs.

在 Arbitrum 上，Uniswap V3 包含 485 對 251 個代幣。 Base 上的相同版本反映了更活躍的代幣鑄造，總共有 338 個硬幣和 694 個代幣對。

One of the biggest problems for Base is the presence of low-liquidity pairs. A few dozen addresses on Base have indeed boosted traffic, but mostly through low-quality rug pulls.

Base 面臨的最大問題之一是低流動性貨幣對的存在。 Base 上的數十個地址確實增加了流量，但主要是透過低品質的地毯拉動。

The last few months saw the creation of multiple pools, most now inactive. While expansion on Base is seen as a positive for Uniswap, the presence of unverified tokens and just-launched pools is skewing the real trading picture.

過去幾個月創建了多個池，但大多數現在處於非活動狀態。雖然 Base 的擴張被視為對 Uniswap 有利，但未經驗證的代幣和剛推出的礦池的存在正在扭曲真實的交易狀況。

Uniswap competes with Aerodrome in terms of value locked. Aerodrome aims for high liquidity pairs, while Uniswap offers a wider selection of tokens. As of September 25, Uniswap locks $215 million in value in its Base version and is the second most active app.

Uniswap 在鎖定價值方面與 Aerodrome 競爭。 Aerodrome 的目標是高流動性貨幣對，而 Uniswap 則提供更廣泛的代幣選擇。截至 9 月 25 日，Uniswap 在其 Base 版本中鎖定了 2.15 億美元的價值，是第二活躍的應用程式。

On Arbitrum, the Uniswap V3 pools contain $291.99 million in all liquidity pairs. Uniswap is the biggest DEX on the L2 chain, outcompeted only by GMX perpetuals and Aave’s lending pools.

在 Arbitrum 上，Uniswap V3 池的所有流動性對中包含 2.9199 億美元。 Uniswap 是 L2 鏈上最大的 DEX，僅次於 GMX 永續合約和 Aave 的貸款池。

Uniswap is still the top Ethereum gas burner

Uniswap 仍然是頂級以太坊 Gas Burner

Despite the shift to L2, Uniswap still relies heavily on Ethereum. The Uniswap routing service is the most used L1 smart contract. Fees on Uniswap reached about $45K per hour, or $896K in the past 24 hours.

儘管轉向了 L2，Uniswap 仍然嚴重依賴以太坊。 Uniswap 路由服務是最常用的 L1 智能合約。 Uniswap 的費用達到每小時 4.5 萬美元左右，即過去 24 小時內達到 89.6 萬美元。

Ethereum itself carries 37.7% of all DEX volumes, for both major and niche markets. WETH is still the most influential asset for pairings, along with USDT and USDC. The presence of bridged or native stablecoins on L2 further boosted decentralized volumes in 2024.

以太坊本身佔據了主要市場和利基市場所有 DEX 交易量的 37.7%。 WETH 仍然是配對中最具影響力的資產，另外還有 USDT 和 USDC。 L2 上橋接或原生穩定幣的存在進一步增加了 2024 年的去中心化交易量。

Uniswap now has to face the competition of other DEX that have also grown in the past year. The leading market still has a 45% share of the entire DEX market. Other hubs like Aerodrome are quickly catching up with a share of 20.6%.

Uniswap 現在必須面對其他在過去一年中也有所增長的 DEX 的競爭。領先市場仍佔據整個DEX市場45%的份額。 Aerodrome 等其他樞紐正在迅速追趕，所佔份額為 20.6%。

CurveDEX is also building up its volumes, already carrying $1.78 billion in liquidity. DEXs are already adding features for targeted liquidity, a tool that allows minimal slippage in a predetermined price range.

CurveDEX 的交易量也不斷增加，已擁有 17.8 億美元的流動性。 DEX 已經增加了針對目標流動性的功能，這是一種可以在預定價格範圍內實現最小滑點的工具。

As Uniswap prepares to launch V4 pools, the UNI token is still in consolidation. UNI traded near its one-month high at $6.84, though still far from the year’s peak at $15.20. UNI still awaits a breakout

由於 Uniswap 準備推出 V4 礦池，UNI 代幣仍在整合中。 UNI 交易價格接近一個月高點 6.84 美元，但距離今年高點 15.20 美元還很遠。 UNI仍在等待突破