One of the most popular decentralized exchanges (DEXs) on Ethereum, Uniswap, now commands a significant share of the trading volume in layer 2 networks. Uniswap's L2 volumes have grown by an impressive 650% in the last 24 months, with a total volume of $30 billion in 2022 compared to $4 billion in 2022.

Uniswap's L2 share is currently at 37%, a substantial increase from the 5.2% it contributed to the total volume in 2022. This growth can be attributed to platforms like Arbitrum and Coinbase's Base, which account for 82% of Uniswap's L2 volume.

Despite this growth, Uniswap's L2 share is only 2.9% of the total volume of all L1s. However, Tom Wan, a developer at 21.co, believes that this could change with the implementation of high-performance L1s like Sei and Monad, which could potentially combine with Uniswap's multi-chain strategy.

Uniswap's success has not been without challenges. The U.S. Securities and Exchange Commission (SEC) has sent a Wells Notice to Uniswap, indicating the probable enforcement action. Uniswap plans to appeal this decision, emphasizing its original position within the Ethereum ecosystem as the leading DEX with approximately $2 trillion in trading volume across 17 chains and over $5.6 billion in total value locked.

As the crypto space continues to evolve, the impact of Uniswap on layer 2 networks and its legal issues will be closely watched by industry observers to understand how it shapes the future of decentralized finance (DeFi).