Key highlights:
- UNI jumps 30% in a week as Uniswap’s Robinhood Chain volume overtakes Ethereum
- Uniswap has processed almost $6 billion on Robinhood Chain in seven days, with the newly minted network emerging as a major driver of UNI’s rally
- Robinhood Chain has recorded a boom in on-chain activity over the last week
Uniswap (UNI) has surged by 30% over the last week, outperforming the rest of the cryptocurrency market as traders turn their gaze to a rise in activity on Robinhood Chain. The new Ethereum layer-2 has become one of Uniswap’s largest sources of trading revenue, with recent data showing it overtaking Ethereum on a seven-day basis.
UNI rally outperforms broader crypto market
The UNI token price is up 15% over the last day, continuing a week-long impressive performance. A bird’s-eye view indicates that the native token has climbed by 30% on the seven-day charts, outpacing the broader cryptocurrency markets.
At press time, UNI is trading at the $5.90 mark, fueling speculation of a price boom beyond $6. The latest rally comes weeks after Standard Chartered tipped UNI to outperform Bitcoin (BTC) and Ethereum (ETH), with the bank’s analysts predicting a 33x rally.
Among the top cryptocurrencies by market capitalization, UNI led the weekly gains chart by a country mile. For context, BTC declined by nearly 1% over the last seven days while ETH recorded muted figures in the same window.
Several reasons account for UNI’s price surge on the seven-day charts. Data from DeFiLlama shows Uniswap processed $15.86 billion in DEX volume across all chains in the last seven days.
Meanwhile, Uniswap just blew its previous all-time high in the number of swaps out of the water, up over 86% week-on-week. Their previous all-time high in swaps was the prior week, with the protocol recording 28.9 million swaps.
Source: Messari by Blockworks
Robinhood Chain is becoming a Uniswap growth engine
DeFiLlama data shows Uniswap processed $5.9 billion worth of trading volume on Robinhood Chain in the last 7 days, surpassing the $5.6 billion processed on Ethereum in the same window.
Source: DefiLlama
This shift is striking since Ethereum has historically been Uniswap’s dominant trading venue. Robinhood Chain only went live in July, making its emergence as Uniswap’s largest weekly source of revenue a rapid change in the protocol’s activity mix.
Meanwhile, Robinhood Chain on-chain activity hit a record high of $875 million at the tail end of August, with Uniswap v4 and Uniswap v3 contributing $432 million and $357 million, respectively. The network also set an all-time high of 5.52 million daily transactions on the last day of August.
Amid the flurry of impressive numbers, Robinhood Chain’s 24-hour app revenue exceeded Ethereum and Hyperliquid L1. In other related developments, Robinhood stock tokens crossed $1.5 billion in DEX volume, with a raft of ecosystem projects recording impressive milestones over the last week.
