This analysis dives into the trading data on Uniswap v2 and v3 across multiple chains, using datasets from Flipside. The chains covered include Ethereum, Polygon, Arbitrum, Base, Avalanche, and Optimism. The primary focus is on the evolution of unique tokens traded over time, tokens and token pair popularity, chains token activity, and tokens lifespan.

Unique Tokens Traded Over Time
The number of cumulative tokens traded has steadily increased across all chains, but monthly token trading shows fluctuations. For instance, September saw a noticeable decrease in tokens traded compared to August, although the month isn’t over, leaving room for a potential recovery. On Ethereum, there was a significant spike in May 2023, followed by a drop in October 2023. Another upward trend started in 2024, which continues without a decline.
Most Common Token Pairs
USDC-WETH remains the dominant token pair across all chains, maintaining its lead in transactions over time. However, the top-traded token pairs on other chains have varied, showcasing the diversity in trading activity across the ecosystem.
Token Popularity Differences Across Chains
There is a significant difference in the popularity of tokens across chains. While WETH and USDC are commonly traded on all chains, each chain has its own unique set of popular tokens, reflecting varying usage patterns and preferences within their respective ecosystems.
Variety in New Tokens Swapped Between Chains
Yes, a notable variety exists in the number of new tokens swapped across chains. Base stands out, having the highest number of new tokens swapped, demonstrating its active participation in onboarding new assets.
Token Lifespan
The lifespan of tokens varies significantly between chains. Optimism boasts the longest average lifespan of tokens at 236 days, indicating a more sustained trading activity, while Base, despite its high volume of new tokens, has the shortest average token lifespan at 69 days. Notably, Base also has the highest count of actively traded tokens at 112k, whereas Avalanche has the lowest number of actively traded tokens, standing at just 107.

By examining the trends in token activity, popularity, lifespan, and multi-chain trading patterns, this analysis offers a detailed view of how Uniswap's decentralized trading landscape continues to evolve.

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