Which L2s drove DEX volumes?

TLDR

Base and ethereum/">Optimism drove most Layer 2 DEX activity this week, with Arbitrum also contributing meaningfully. Data points show Base near $1.42 billion and Arbitrum around $695.82 million in recent DEX volume, while Optimisms activity clustered around Velodrome and the new Aero merger per market coverage and the Defiant report.

1. Base led L2 DEX volumes, anchored by Aerodromes dominance on the network per coverage.
2. Optimisms volumes were elevated via Velodrome and the Aero consolidation aiming to capture 1015% of L2 DEX flow per report.
3. Arbitrum contributed roughly $695.82 million in DEX volume, with Camelot a key venue per recent data and DEX landscape reviews.

Deep Dive

1. Base

Base appears to lead among L2s on spot DEX trading this week. Aerodrome is reported as the largest DEX on Base by trading volume, and the networks top-5 DEX list is Base-centric, underscoring that aggregate volumes are concentrated in a few venues on the chain per the Defiant report.

• Cross-chain consolidation via Aero is likely to keep liquidity sticky within Base and related rollups per the Defiant report above.
• Recent comparative volume snapshots still show Base as one of the top L2 contributors to weekly DEX flow per data cited.

2. Optimism

Optimisms DEX activity is anchored by Velodrome, which, together with Aerodrome, merged into a unified cross-chain DEX called Aero, targeting 1015% of combined L2 DEX volume and over $2 billion monthly activity per the Aero merger coverage. Velodrome sits among the top protocols on Optimism by TVL, reflecting active markets and incentives per the Defiant piece.

• The governance and emissions integration under Aero should help align incentives across Base and Optimism, reducing fragmentation and improving capital efficiency per the Aero merger report above.

3. Arbitrum

Arbitrum contributed a sizable share of L2 DEX volumes in the recent window, with one snapshot putting weekly activity near $695.82 million per reported figures. Camelot remains a notable spot venue in Arbitrums ecosystem and features in current DEX reviews of active platforms per this overview.

• Arbitrums breadth of DeFi protocols (including launchpads and dual-incentive models) helps maintain turnover even as flows rotate between narratives per the DEX overview above.

Conclusion

Most L2 DEX volume this week clustered on Base and Optimism, with Arbitrum also significant. Consolidation like Aeros BaseOptimism merge may keep liquidity stickier across these rollups, so monitoring venue-level depth and incentive changes is the practical way to track where volumes migrate next.