Uniswap beats Coinbase in spot trading volume; this is what it means for UNI
- Uniswap secures win over centralized exchange Coinbase thanks to growing demand.
- UNI finally enjoys some bullish relief as the court ruling triggers some optimism.
DeFi has come a long way over the years despite the rough journey. Uniswap [UNI] is perhaps one of the best examples and the latest volume report shows something interesting about the state of demand in DeFi.
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An analysis of on-chain trading volumes in the spot market revealed that Uniswap outperformed Coinbase in Q1 and A2 this year. This wasn’t surprising considering the events of last year where thousands of people lost their FTX crypto holdings. This particular incident pushed more people to favor decentralized exchanges.
But what does it actually mean for DeFi? The observation could signal a pivotal moment in the crypto world. It validates the development of crypto products tailored towards decentralized finance and self-custody.
Outperforming Coinbase is quite a big deal for Uniswap and it highlights the scale at which it has been operating. Especially since Coinbase is one of the top centralized exchanges in the world. However, that is not the only win for the DEX. Uniswap recently secured the top DEX position on Optimism in terms of weekly trading volume.
Where do you go to Stack your stacks? ?
Uniswap is the top DEX by volume on Optimism with over $128M in weekly trading volume.
That’s 75% of all trading volume on Optimism ?
— Uniswap Labs ? (@Uniswap) August 28, 2023
The growing utility of Uniswap reflected the steady growth in the number of users that it has experienced so far this year.
Uniswap has so far added 73,215 addresses since the start of 2023. Its largest addresses spike occurred in July. Furthermore, the DeFi landscape has been growing and is now more interconnected than ever. As such, the value proposition is much higher now than it has been in the past, hence the growing incentive to use DEXes.
UNI price action recap
Uniswap’s native token UNI might be concluding the month on a bullish tone after delivering a bearish performance for most of August. It exchanged hands at $4.83 at press time after a 3.54% upside in the last 24 hours.
This improvement was courtesy of a sudden sentiment shift after a previous period of low volatility and low demand.
How many are 1,10,100 UNIs worth today
UNI attempted to secure some bullish momentum in the last few days and the latest rally in the last 24 hours extended on that attempt. As a result, UNI managed to push out of the oversold zone. This is because the crypto market has enjoyed some bullish relief following reports that Grayscale secured a legal win over the SEC regarding an ETF filing.