Uniswap Heads to Layer-2 Base

Uniswap v3 has been integrated into Coinbase's layer-2 solution, Base.

Uniswap's Integration with Layer-2 Base

After nearly three months of proposals, Uniswap, the largest decentralized exchange on Ethereum, has been integrated into Base, allowing users to trade tokens on this layer-2 solution.

Within just a day of deployment, Uniswap v3 recorded over 11,700 transactions and a trading volume of $3.65 million. This achievement has positioned Base as the fourth-largest DEX on the platform, following RocketSwap, BaseSwap, and SushiSwap.

Chainlink's Integration and Developer Opportunities

Last night, Chainlink announced its price data integration with Base, enabling developers to build DeFi applications using Chainlink's oracle infrastructure.

Prior to Uniswap and Chainlink, several platforms have already supported Base, including Aragon, Axelar, Reservoir, Wormhole, SushiSwap, Bungee, and deBridge.

Mainnet Launch and TVL Milestone

Base is set to officially open its mainnet to the public this Thursday during the "Onchain Summer" event. Ahead of this launch, the total value locked (TVL) on Base reached an impressive $114 million.

Developed using Optimism's OP Stack technology, Base functions as a layer-2 solution. The mainnet, limited to builders, went live on July 13. Although Base had not yet launched its bridge at that time, users actively sought to transfer assets to the network manually via contracts and unofficial bridges, anticipating new memecoin trends.

Challenges and Incidents

Despite its promising potential, Base faced several challenges post-mainnet launch, notably the LeetSwap attack and the BALD memecoin rug pull incident.

Overall, this new solution continues to be a significant revenue driver for Coinbase, according to the exchange's Q2/2023 financial report.