June and July set consecutive all time excessive distinctive L2 addresses on Uniswap.
Uniswap’s Layer 2 person rely is skyrocketing, setting new highs in each June and July – however there’s a catch. The protocol’s buying and selling quantity is on a gentle downtrend and when subtracting one L2, addresses are literally down.
Customers transacting on Uniswap on Ethereum’s Layer 2 scaling networks jumped by 350% in July versus June, with distinctive addresses rising from 1.82 million in Might, to 4.93 million in June, and eight.93 million in July.
Uniswap’s dataset in Dune Analytics refers to its main L2s: Arbitrum, Base, Optimism, Polygon, ZkSync, and Zora. Uniswap is the most important decentralized alternate (DEX) by buying and selling quantity.
June and July each drastically outpaced the earlier all-time excessive of two.12 million set in April.
Regardless of the parabolic rise in distinctive customers, month-to-month protocol quantity has been on a downtrend since its all time excessive of $33.6 billion set in March. Quantity declined by 31% to $23.2 billion in June, and fell one other 12% to $20.5 billion in July. General, Uniswap had a 39% lower in quantity between Might and July.
The spike in customers coinciding with the autumn in quantity signifies an increase in low worth customers and is paying homage to sybil exercise.
Sybil assaults happen when customers try to control protocols, often those who have an upcoming airdrop. Merchants typically trick protocols into believing that one person is definitely dozens and even a whole lot of distinctive customers in an effort to obtain mass airdrop allocations.
On July 25, TokenTerminal reported that 80% of Uniswap’s month-to-month energetic merchants are on Coinbase’s L2 Base. The skewed person distribution suggests customers might be mass-sybilling Base, speculating on a future token launch.
What’s extra, when subtracting Base from the Dune Analytics’ question, Uniswap’s distinctive month-to-month addresses on L2s have been falling each month since April.
That mentioned, it’s unlikely that every one of Base exercise is because of Sybil assaults, however it’s price taking the 3x enhance with a small grain of salt.
