Connect with us
Active Currencies 14557
Market Cap $2,672,579,088,691.18
Bitcoin Share 49.87%
24h Market Cap Change $-1.31

Uniswap beats Coinbase in spot trading volume; this is what it means for UNI

2min Read

Uniswap outperformed Coinbase in Q1 and A2 this year. This didn’t come as a shock considering the events of last year where thousands of people lost their FTX crypto holdings.

Share this article

  • 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.

Is your portfolio green? Check out the Uniswap Profit Calculator

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.

The growing utility of Uniswap reflected the steady growth in the number of users that it has experienced so far this year.

Uniswap versus Coinbase volume

Source: Bitwise asset management

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.

UNI price action

Source: TradingView

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.



Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.