Uniswap Layer 2 users have increased by 350%, but trading volume has fallen by 39% since May. Poodlana’s presale raised $6.3 million and is expected to list on Raydium on August 16. Poodlana’s token, POODL, is currently valued at $0.0499 and has been increasing in price every 72 hours prior to the listing.
In the rapidly evolving world of cryptocurrency, two significant developments have caught the community's attention: Uniswap's Layer 2 (L2) user base has surged 350% in recent months, and Poodlana (POODL), a Solana-based meme coin, is nearing its long-awaited listing on Raydium.
Amid shifting market dynamics, both events highlight growing interest in decentralized finance (DeFi) and innovative token projects.
Uniswap's Layer 2 users surge
Uniswap, the top decentralized exchange (DEX) by trading volume, has recently seen a significant increase in its Layer 2 (L2) user base.
According to Dune Analytics, between May and July, the number of unique addresses interacting with Uniswap on L2 grew from 1.82 million to a staggering 8.93 million, a 350% increase.
June and July each set new record highs, far surpassing the previous record of 2.12 million cases set in April.
But the surge in user activity comes with a caveat: despite the dramatic increase in unique addresses, Uniswap's overall trading volume has been steadily declining.
Monthly protocol trading volume hit an all-time high of $33.6 billion in March before falling 31% to $23.2 billion in June and 12% to $20.5 billion in July. The 39% drop from May to July suggests that while more users are turning to Uniswap for L2, trading volumes may be declining.
The disproportionate growth in user numbers and the associated decline in trading volume has raised concerns about the quality of user growth, with analysts noting that the pattern is reminiscent of Sybil attacks, where users manipulate the protocol by creating multiple addresses in hopes of receiving airdrops.
A closer look at the data shows that 80% of Uniswap's monthly active traders in July were concentrated on Base, the L2 of Coinbase that is suspected to be a major hub for Sybil activity.
Excluding Base from the data, monthly unique addresses on Uniswap's L2 have been steadily declining since April. While it's unlikely that all of the activity on Base is due to a Sybil attack, the situation is noteworthy. The sudden increase in users on L2, and especially on Base, may not entirely reflect organic growth, but rather speculative activity driven by potential future rewards.
Pudrana's “Crypto Hermes” is getting ready for release
While Uniswap navigates the complexities of L2 growth, another project, Poodlana (POODL), is creating a buzz in the cryptocurrency community.
Dubbed the “Hermes of crypto,” Poodlana is a Solana-based meme coin that is luring investors with its unique blend of high fashion and poodle-themed branding.
The presale ends on August 16th, with the coin set to debut on Solana's decentralized exchange, Raydium, at $0.060.
Poodlana's pre-sales were a huge success, raising over $6.3 million and garnering significant attention, especially from Asian markets such as Korea and Japan.
The appeal of this project 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 its community through weekly meme contests, AMAs, and exclusive pre-sale events.
Investors are particularly attracted to Poodlana's presale structure, which is designed to encourage early participation. The token price will increase every 72 hours, so investors will need to act fast to secure their holdings at the lowest possible price. At the time of writing, the POODL token is trading at $0.0499.
The lack of lock-up or vesting periods enhances the project's attractiveness and provides instant liquidity upon listing.
Poodlana's roadmap is equally ambitious, with plans to expand beyond its initial DEX listing: the project aims to get listed on major centralized exchanges, further increasing accessibility and liquidity.
Additionally, Poodlana is preparing a major marketing campaign involving top influencers, luxury fashion brands, and lifestyle platforms. This extensive outreach, combined with the project's unique branding, will give Poodlana a strong chance of standing out in the meme coin market.
As Poodlana prepares for its debut, it joins a broader trend of innovative crypto projects redefining the space. Through its fashion-forward approach and strategic market positioning, Poodlana represents a new type of meme coin that has the potential to make a lasting impact on the market.
Conclusion
As Uniswap’s L2 user base grows and the launch of Poodlana draws closer, these developments highlight the dynamic nature of the cryptocurrency market.
While Uniswap's growth raises questions, Poodlana's innovative approach could set a new standard for meme coins and highlight the continued evolution and potential of decentralized finance and creative token projects.
For more information on the ongoing Poodlana pre-sale and investment opportunities, please visit the official website here
