The decentralized exchange Uniswap has continued its domination over its centralized counterpart Coinbase as its trading volumes surpassed it for the fourth consecutive month. Data from CCData suggests that Uniswap trading volumes reached $37 billion in April, compared to Coinbase’s $34 billion, a drop from its $49 billion trading volume in March.

Uniswap is a DEX running on the Ethereum blockchain and the depeg of USDC in March, in addition to other stablecoins, is likely part of the reason for its success. According to Jacob Joseph, research analyst at CCData, traders have flocked to Uniswap and other on-chain trading venues as a result of uncertainty and increased focus on Centralized Exchanges. Furthermore, the price of Bitcoin and Ether have experienced recoveries since the start of 2021 which has created renewed interest in decentralized finance (DeFi) applications.

As exchanges and investors traverse the constantly changing industry, the need for secure and reliable exchanges to trade crypto is essential. Uniswap has increased its market share by capitalizing on these changes by providing a layer of ease, accessibility and trust for its users. Uniswap and its DEX counterpart to Coinbase have become a noteworthy presence in the cryptocurrency space, maintaining its presence in online conversations and an active user base that is increasing by the day.

Overall, Uniswap surpassed Coinbase in April with its $37 billion worth of trading volume, indicating a considerable shift in how exchanges handle crypto and where investors choose to make their trades. This raises the question of how viable DEXs are in the cryptocurrency industry and whether centralised exchanges will still hold their spot at the top or if more decentralised, on-chain exchanges that prioritize security and transparency will become the norm.



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