Source: Cointelegraph Original: "{title}"

According to blockchain data company Nansen, Uniswap's newly launched Ethereum Layer 2 network, Unichain, has become the fastest-growing blockchain in its first month of operation.

Data from blockchain analytics firm Nansen shows that Unichain launched its mainnet on February 11, achieving 236,452 active addresses in its first month. While this figure is impressive for a new network, Unichain's user base is still relatively small compared to Solana's 112 million total users and approximately 19 million active users on Base and Binance Smart Chain (BNB Chain).

Berachain has a higher number of active addresses, but Unichain dominates in DEX trading volume. Source: Nansen

However, Unichain has already made a mark in DEX trading volume, reaching $217.7 billion, ranking third in the industry, surpassing Ethereum's main layer volume of $91.2 billion.

In the month following its launch, Unichain's DEX trading volume skyrocketed to the top three in the industry. Source: Nansen

Berachain launched in early February, with a DEX trading volume of $3.78 billion within 30 days, ranking eighth in the industry. Its number of active addresses is significantly higher than Unichain's, reaching 1.7 million.

Among existing mature networks, Binance Smart Chain is the only network to see growth in DEX trading volume, surging 161% to $233.9 billion, making it the second-largest network by trading volume.

The launch of Uniswap's Layer 2 network reclaims the dominance of decentralized exchanges.

For most of the time, Uniswap has been the largest DEX, but high Ethereum gas fees have driven users to lower-cost alternative platforms like Solana and Binance Smart Chain, especially during the recent meme coin craze. Consequently, in October and November 2024, Uniswap ceded the DEX throne to Solana-based Raydium.

According to DefiLlama, as of March 10, Uniswap has reclaimed the DEX throne with its total locked value.

Despite the industry's challenges, Uniswap's total locked value in DEX remains in the lead. Source: DefiLlama

Meme coin hype wanes, Solana's momentum cools.

According to DefiLlama, the total locked value in the industry has dropped from $138 billion in mid-December 2024 to $91.8 billion as of March 10.

As the hype around meme coins fades, DeFi activity has also slowed down. Source: DefiLlama

Meanwhile, data from Nansen shows that Solana still leads in active addresses, transaction volume, and DEX trading volume, but its key metrics have declined over the past 30 days. Active addresses decreased by 19%, transaction volume fell by 70%, and DEX trading volume dropped by 27%.

Solana has been the preferred network for meme coin trading, with numerous celebrities and even politicians launching tokens on the network. However, declining investor interest, bot trading activity, and fraud allegations (such as controversies surrounding tokens related to Hayden Davis and Libra, supported by the Argentine president) have put pressure on market sentiment. Subsequently, token issuance activity on Solana and the overall market sentiment for meme coins have both declined.

Related: Solana's price struggles to rebound quickly, analysis of underlying reasons.

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