Uniswap surpasses Coinbase in daily volume trade

Over $744M has been traded on DEXs within the last 24 hours with Uniswap commands a whopping $562M representing 75% of all the DEXs daily volume trade.

By · Sep 1, 2020 . 5min read

Uniswap surpasses Coinbase

For the first time since cryptocurrency trading became a thing, Uniswap, DEX, surpasses Coinbase in daily volume trade. This is significant especially considering the fact that Coinbase ranks among the top cryptocurrency exchanges in the world.

Hayden Adams, founder of the Uniswap protocol tweeted,

Wow, @UniswapProtocol 24hr trading volume is higher than @coinbase for the first time ever

Uniswap: $426M
Coinbase: $348M

Hard to express with how crazy this is.

Data from Dune Analytics shows over that over $744M has been traded on DEXs within the last 24 hours. Out of this volume, Uniswap commands a whopping $562M representing 75% of all the DEXs daily volume trade.

DEX daily volume trade
Source: Dune Analytics

The recent exponential growth of the DeFi sector keeps fuelling this DEX revolution. Uniswap has proven to be a formidable DEX with highly improved UI frontend, allowing anyone to swap tokens without the need for an order book matching. Specifically, anyone seeking to bootstrap liquidity for their crypto project can easily do that using Uniswap protocol. All they need is add their token into any of the liquidity pools on Uniswap without any recourse for KYC, and they may attract needed funds.

As DeFi platforms are open-source, other projects like 1inch.exchange DEX aggregator, Mooniswap, and even the recent Sushiswap all got their impetus from Uniswap.

Uniswap

As Uniswap surpasses Coinbase even while the protocol is still version 2, many are touting it to solidify its position against centralized exchanges. It is already making plans to achieve this as it has secured $11M Series A funding recently. Adams Hayden while advertising open positions for possible recruitment for developing Uniswap V3 hinted:

Uniswap V3 is sooo much better than all the things people are hoping it will be. Although Bancor v2 does touch on some interesting areas / I like that they think outside the box

Although Coinbase may be enjoying as much 22 million monthly website visit as compared to Uniswap’s 1.4 million, it looks like the table is turning where it matters most. Evidently from the DeFi boom and DEX revolution, Vitalik who once complained of centralized exchanges extorting cryptocurrency projects must be happy. In fact, the Ethereum co-founder thinks centralized exchanges burn in hell as much as possible.

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