Uniswap recorded a startling monthly trade volume of 15.4 Billion USD leaving Coinbase behind this month. A Market research done by The Block showcased that Uniswap superseded Coinbase, the popular crypto exchange. Over the last one-month, Uniswap garnered around 65 percent of the market stakes, grabbing approximately 15.4 billion of 23 Billion USD traded overall. Coinbase only traded 13.6 billion in the last month’s volume. The Block also reported that the DEX-toCEX ratio of Uniswap increased to a massive 13.9 percent last month, considering the ration was only 6.06 percent in August 2020.
UniSwap Way Ahead
UNiswap is fast progressing to become one of the leading decentralized exchanges in crypto markets. Along with Coinbase, it has taken up most of the trade volume of the cryptocurrencies in September 2020. The stakes of the UNiswap were 65 percent while that of Curve was 22 Percent as in the last month trading volume. If one considers the month-on-month growth of the crypto exchange Uniswap, it has recorded a humongous increase of 128 percent. The launch of its new governance token has skyrocketed its growth in the last few months.
Governance Token UNI, Gave UniSwap a Substantial Boost
Uniswap introduced its governance token called UNI, which had reportedly one billion tokens minted over four years.
Experts believe that Uniswap’s staggering trade volumes are a result of two distinguishing factors. First, the increased popularity and adoption of the DeFi platforms and the governance tokens that bring all the action within these exchanges. Another reason is its UNI token, which gathered a lot of positive interest from the crypto traders. ETH, COMP, and Other DeFi tokens introduced since June have created a stir in the markets, and the users are fast adopting these. Uniswap has grown substantially as a Go-To Platform for the various DeFi token trading.
Founder Hayden Adams Elated
Uniswap founder Hayden Adams expressed elation when Uniswap initially left Coinbase behind on August 30. Since then, it has been giving a tough competition to leading US exchanges
“Wow, Uniswap 24-hour trading volume is higher than Coinbase for the first time. Uniswap: $426 million, Coinbase: $348 million It’s hard to express how crazy this is.” He Tweeted