Uniswap outperformed Coinbase in the first and second quarters of this year. This is not shocking considering the events of the last year where thousands of people lost their FTX cryptocurrency.
Uniswap beats centralized exchange Coinbase due to growing demand.
With some optimism sparked by the court ruling, UNI finally breathed a sigh of relief.
Despite its bumpy road, DeFi has come a long way over the years. Uniswap [UNI] is perhaps one of the best examples, with the latest volume report showing some interesting developments in the state of DeFi demand.
An analysis of on-chain trading volume in the spot market shows that Uniswap outperformed Coinbase in the first and second quarters of this year. This is not surprising given the events of the last year in which thousands of people lost their FTX cryptocurrency holdings. This particular event prompted more people to favor decentralized exchanges.
But what does this really mean for DeFi? This observation could mark a pivotal moment in the crypto world. It validates the development of crypto products tailored for decentralized finance and self-custody.
For Uniswap, beating Coinbase is a big deal, and it underscores the scale of its operations. Especially since Coinbase is one of the top centralized exchanges in the world. However, this is not the only win for DEXs. Uniswap recently secured the top spot among DEXs in Optimism’s weekly trading volume.
The growing utility of Uniswap mirrors the steady increase in user numbers so far this year.
Since the beginning of 2023, Uniswap has added 73,215 addresses so far. Its largest address spike occurred in July. Additionally, the DeFi space is always evolving and is now more interconnected than ever. So the value proposition is much higher now than it used to be, so there is a growing incentive to use DEXs.
UNI Price Trend Review
Uniswap’s native UNI token may end the month on a bullish note after a bearish performance for most of August. At press time, the coin was trading at $4.83, up 3.54% over the past 24 hours.
This improvement is due to a sudden shift in sentiment following the previous period of low volatility and low demand.
