Uniswap’s Layer 2 User Surge
In the rapidly evolving cryptocurrency space, two key developments have caught the attention of the community. Uniswap has seen a 350% surge in layer 2 (L2) user numbers in recent months, and Solana-based viral meme coin Poodlana (POODL) is about to make its much-anticipated listing on Raydium.
Both incidents highlight growing interest in decentralized finance (DeFi) and innovative token initiatives as market dynamics change.
Uniswap’s Layer 2 Users Surge
Uniswap is the leading decentralized exchange (DEX) by trading volume, and its layer 2 (L2) user base has grown significantly recently.
According to data from Dune Analytics, from May to July, the number of unique addresses interacting with Uniswap on L2 increased from 1.82 million to a staggering 8.93 million, an increase of 350%.
Both June and July hit record highs, far exceeding the previous record of 2.12 million passengers set in April.
However, the surge in user activity also comes with some caveats. Despite the sharp increase in the number of unique addresses, Uniswap’s overall transaction volume has been steadily declining.
After reaching an all-time high of $33.6 billion in March, monthly protocol volume fell 31% to $23.2 billion in June and fell a further 12% to $20.5 billion in July. The 39% drop between May and July suggests that while more users are using Uniswap on L2, their transaction amounts may be smaller.
The disproportionate growth of users and the corresponding decline in transaction volume have raised concerns about the quality of user growth. Analysts noted that this pattern is reminiscent of the Sybil attack, in which users created multiple addresses to manipulate the protocol, often in anticipation of airdrops.
A closer look at the data revealed that 80% of Uniswap’s monthly active traders in July were concentrated on Coinbase’s L2 Base, which is suspected to be the main site for Sybil activity.
When Base is excluded from the data, Uniswap’s monthly unique addresses on L2 have been steadily declining since April. While it is unlikely that all activity on the base was due to a Sybil attack, the situation warrants caution. The dramatic increase in L2 users (especially Base users) may not entirely reflect organic growth, but rather speculation driven by potential future rewards.
Poodlana, “The Hermes of Cryptocurrency,” is Ready for Launch
While Uniswap grapples with the complexities of its L2 growth, another project from Poodlana (POODL) is making waves in the crypto community.
Dubbed the “Hermes of crypto,” Poodlana is a Solana-based meme coin that has attracted investors with its unique blend of high fashion and poodle-themed branding.
With the presale ending on August 16, the token is set to debut on Raydium, a decentralized exchange on Solana, with a listing price of $0.060.
Poodlana’s pre-sale was very successful, raising over $6.3 million and attracting significant attention from the Asian market, particularly in countries such as South Korea and Japan.
The project’s appeal lies not only in its luxury-themed marketing but also in its strategic community-building efforts. With over 16,000 followers across various social media platforms, Poodlana engages with the community through weekly emoji contests, AMAs, and exclusive pre-sale events.
Investors are particularly attracted to Poodlana’s pre-sale structure, which is designed to encourage early participation. The coin’s price increases every 72 hours, prompting investors to act quickly to obtain their holdings at the lowest possible price. At press time, the POODL token price was $0.0499.
The absence of a lock-up or vesting period adds to the project’s appeal, providing immediate liquidity upon listing.
Poodlana’s roadmap is equally ambitious, with plans to expand beyond its initial DEX listing. The project aims to be listed on major centralized exchanges, further increasing its accessibility and liquidity.
Additionally, Poodlana is gearing up for a massive marketing campaign that will involve top influencers, high-end fashion brands and lifestyle platforms. This widespread promotion, combined with the project’s unique brand, makes Poodlana a potential leader in the memecoin market.
In Conclusion
As Uniswap’s L2 user base continues to expand and the launch of Poodlana approaches, these developments highlight the dynamic nature of the crypto market.
While Uniswap’s growth raises questions, Poodlana’s innovative approach could set a new standard for meme coins, highlighting the continued growth and potential of decentralized finance and creative token initiatives.
To learn more about the ongoing Poodlana pre-sale and potential investments, please visit the official website here.
