Uniswap recently launched its Ethereum layer-2 network, Unichain, which became the fastest-growing blockchain in its inaugural month, according to the blockchain analytics firm Nansen. Unichain, which started its mainnet on February 11, reported 236, 452 active addresses during its first month, as per Nansen. While this is notable for a new network, Unichain’s user base is still small in comparison to Solana's 112 million total users and the approximately 19 million active users on both Base and BNB Chain. Despite its relatively small user base, Unichain quickly established itself as a significant player in the decentralized exchange (DEX) sector, achieving a trading volume of $217. 7 billion—ranking third in the industry and exceeding Ethereum's base layer volume of $91. 2 billion. In early February, Berachain launched and reported a DEX volume of $3. 78 billion over 30 days, positioning it in eighth place within the industry, and it had significantly more active addresses than Unichain, totaling 1. 7 million. Among established networks, BNB Chain experienced the only DEX volume increase, surging 161% to reach $233. 9 billion, making it the second-largest by trading volume. Uniswap's layer 2 launch has allowed it to regain its position as the top DEX. Historically, Uniswap had been the dominant DEX, but rising Ethereum gas fees pushed users towards less expensive alternatives like Solana and BNB Chain, particularly during the recent memecoin surge, leading Uniswap to lose its top spot to Solana-based Raydium in October and November 2024. Following the launch of Unichain, Uniswap offers its services at reduced fees and faster transaction speeds. Initially, Uniswap waived all interface fees for swaps, and the network launched with one-second block confirmation times, with a plan to reduce those to 250 milliseconds. As of March 10, Uniswap regained its title as the leading DEX by total value locked (TVL), according to DefiLlama. Meanwhile, Solana saw a decline amidst a downturn in memecoins. The overall industry TVL has dropped from $138 billion in mid-December 2024 to $91. 8 billion as of March 10, based on DefiLlama’s data. Though Solana continues to lead in active addresses, transactions, and DEX volume, its key metrics have seen a downturn over the last 30 days, according to Nansen.

Active addresses fell by 19%, transactions decreased by 70%, and DEX volume declined by 27%. Solana has been a prominent network for memecoin trading, involving endorsements from celebrities and political figures. However, a waning interest among investors, increased bot activity, and allegations of scams — including the controversy surrounding the token associated with Argentine president-backed Hayden Davis and Libra — have impacted investor sentiment. Consequently, Solana's token launch activity and the overall market sentiment towards memecoins have diminished.