- Uniswap Layer 2 users have surged by 350%, but trading volume has dropped 39% since May.
- Poodlana’s presale has raised $6.3M, with the listing set for August 16 on Raydium.
- Poodlana’s token POODL is currently valued at $0.0499 with the price rising every 72 hours before listing.
In a rapidly evolving crypto landscape, two key developments have captured the attention of the community. Uniswap’s Layer 2 (L2) user count has surged by 350% in recent months, while Poodlana (POODL), a viral Solana-based meme coin, is approaching its highly anticipated listing on Raydium.
As market dynamics shift, both events highlight the growing interest in decentralized finance (DeFi) and innovative token projects.
Uniswap’s Layer 2 user surge
Uniswap, the leading decentralized exchange (DEX) by trading volume, has recently witnessed a significant spike in its Layer 2 (L2) user base.
From May to July, the number of unique addresses interacting with Uniswap on L2s increased from 1.82 million to a staggering 8.93 million, a 350% rise, according to Dune Analytics.
June and July each set consecutive all-time highs, far surpassing the previous record of 2.12 million in April.
This surge in user activity, however, comes with a caveat. Despite the dramatic increase in unique addresses, Uniswap’s overall trading volume has been on a steady decline.
After reaching an all-time high of $33.6 billion in March, monthly protocol volume dropped by 31% to $23.2 billion in June and further declined by 12% to $20.5 billion in July. This 39% decrease between May and July suggests that while more users are engaging with Uniswap on L2s, they may be transacting smaller amounts.
The disproportionate rise in users and the corresponding drop in trading volume raises concerns about the quality of the user growth. Analysts have pointed out that this pattern is reminiscent of Sybil attacks, where users create multiple addresses to manipulate protocols, often in anticipation of airdrops.
A closer look at the data reveals that 80% of Uniswap’s monthly active traders in July were concentrated on Coinbase’s L2, Base, which is suspected of being the primary site of Sybil activity.
When excluding Base from the data, Uniswap’s unique monthly addresses on L2s have been steadily declining since April. While it’s unlikely that all the activity on Base is due to Sybil attacks, the situation warrants caution. The sharp increase in users on L2s, particularly on Base, may not fully reflect organic growth but rather speculative activity driven by potential future rewards.
Poodlana “The Hermès of Crypto” prepares for launch
While Uniswap navigates the complexities of its L2 growth, Poodlana (POODL), another project is generating buzz in the crypto community.
Branded as “The Hermès of Crypto,” Poodlana is a Solana-based meme coin that has captivated investors with its unique blend of high fashion and poodle-themed branding.
With its presale ending on August 16, the coin is poised for its debut on Raydium, a decentralized exchange on Solana, with a listing price of $0.060.
Poodlana’s presale has been nothing short of a success, raising over $6.3 million and drawing significant attention from the Asian market, particularly in countries like 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 has engaged its community through weekly meme contests, AMAs, and exclusive presale events.
Investors are particularly drawn to Poodlana’s presale structure, which has been designed to encourage early participation. The token’s price increases every 72 hours, pushing investors to act quickly to secure their holdings at the lowest possible price. At press time, the POODL token was going for $0.0499.
The absence of lockups or vesting periods adds to the project’s appeal, offering immediate liquidity upon listing.
Poodlana’s roadmap is equally ambitious, with plans to expand beyond its initial DEX listing. The project aims to list on major centralized exchanges, further increasing its accessibility and liquidity.
In addition, Poodlana is gearing up for a massive marketing campaign that will involve top influencers, high-end fashion brands, and lifestyle platforms. This extensive outreach, combined with the project’s unique branding, positions Poodlana as a potential standout in the meme coin market.
As Poodlana prepares for its debut, it joins the broader trend of innovative crypto projects that are redefining the space. Whether through its fashion-forward approach or its strategic market positioning, Poodlana represents a new breed of meme coins that could have a lasting impact on the market.
Conclusion
As Uniswap’s L2 user base expands and Poodlana’s launch approaches, these developments underscore the dynamic nature of the crypto market.
While Uniswap’s growth raises questions, Poodlana’s innovative approach could set new standards for meme coins, highlighting the ongoing evolution and potential of decentralized finance and creative token projects.
To learn more about the ongoing Poodlana presale and potentially invest in it, visit the official website here.