Blockchain Growth: Unichain and Berachain Driving DeFi Evolution

In a rapidly evolving blockchain landscape, new networks are emerging with remarkable momentum, reshaping decentralized finance (DeFi) and trading dynamics. Among them, Uniswap’s layer-2 network, Unichain, has made an impressive debut, leading growth charts in its first month. Meanwhile, Berachain, another newcomer, has also carved out its own space within the ecosystem. The latest data from Nansen reveals how these networks are influencing the industry’s trajectory.

The Rapid Rise of Unichain

Launched on February 11, Unichain has quickly made waves, recording 236,452 active addresses in its first month. This achievement places it firmly on the radar as a promising player, though its user base remains considerably smaller than more established networks like Solana, which boasts 112 million total users, and other notable chains like Base and BNB Chain, each with around 19 million active users.

Despite its relatively modest user base, Unichain has demonstrated exceptional strength in decentralized exchange (DEX) volume. Over the past 30 days, it recorded a staggering $217.7 billion in DEX transactions. This accomplishment has positioned it as the third-largest blockchain by trading volume, even surpassing Ethereum’s base layer, which processed only $91.2 billion in the same period.

Berachain’s Place in the DeFi Ecosystem

Another rising star, Berachain, which launched in early February, has also made a notable impact. Over a 30-day period, the network recorded $3.78 billion in DEX volume, securing the eighth position in overall rankings. Its growth, however, has been marked by a significantly larger number of active addresses compared to Unichain, with an impressive total of 1.7 million users.

Amid this shifting landscape, BNB Chain has also exhibited resilience. Among established networks, it was the only one to witness an uptick in DEX volume, surging by 161% to $233.9 billion. This performance firmly cemented its status as the second-largest player in the market by volume.

Uniswap’s Layer-2 Strategy: A Path Back to Dominance

For much of its existence, Uniswap reigned supreme as the largest decentralized exchange. However, soaring Ethereum gas fees prompted traders to seek alternatives offering lower transaction costs, leading to the rise of competing blockchains like Solana and BNB Chain. This shift became particularly evident during the recent memecoin boom, which saw traders moving in droves to more cost-efficient networks.

Uniswap’s dominance was temporarily disrupted in the closing months of 2024 when Raydium, a Solana-based DEX, seized the top position in October and November. However, the launch of Unichain has redefined the equation, allowing Uniswap to reclaim lost ground. Thanks to its layer-2 infrastructure, Uniswap now offers users lower fees and drastically reduced transaction times. At launch, the platform scrapped all interface swap fees and introduced one-second block times, with further enhancements planned to push times down to an ambitious 250 milliseconds.

These strategic moves have paid off. As of March 10, Uniswap has reclaimed its position as the top DEX by total value locked (TVL), according to DefiLlama.

Solana’s Momentum Falters Amid Memecoin Decline

While new competitors are surging, the overall decentralized finance market has encountered headwinds. The industry-wide total value locked (TVL) plummeted from $138 billion in mid-December 2024 to just $91.8 billion by March 10, per DefiLlama.

Solana, despite being a leader in active addresses, transactions, and DEX volume, has not been immune to this downturn. Over the past 30 days, key metrics have declined significantly, with active addresses falling by 19%, transactions dropping a substantial 70%, and DEX volume shrinking by 27%.

A significant portion of Solana’s recent acceleration had been fueled by memecoin trading. The network’s low fees and fast transactions made it an attractive platform for traders looking to capitalize on emerging tokens, sometimes launched by celebrities and even political figures. However, investor enthusiasm has waned in recent weeks, exacerbated by increasing concerns over bot activity, scams, and rug pulls. One particularly controversial incident involved the token backed by the Argentine president, which was linked to figures like Hayden Davis and Libra. Such controversies have dampened market sentiment and weakened Solana’s once-thriving memecoin ecosystem.

Unichain’s swift rise underscores the power of layer-2 solutions in enhancing scalability and lowering costs, while Berachain’s notable adoption hints at further diversification in the DeFi space. However, with the broader market experiencing volatility and Solana’s memecoin-driven boom showing signs of cooling, the coming months may see further reshuffling in blockchain rankings.

As these competing forces evolve, the ability of networks to offer low fees, seamless transactions, and user-friendly experiences will likely dictate their continued growth. Whether Uniswap’s Unichain can sustain its momentum and whether Solana can regain lost ground will be key developments shaping the future of DeFi.