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Uniswap Continues to Surpass Coinbase in Trading Volume

Uniswap recorded $15.371 billion in its September volume surpassing Coinbase once more, which processed $13.6 billion. This makes 65% of the monthly total reported by decentralized exchanges (DEXs), which was $23.5 billion.

But this is not the first time that Uniswap has outperformed Coinbase Pro. On August 30, Uniswap exceeded Coinbase Pro in daily trading volume for the first time. Uniswap processed $426 million while Coinbase had witnessed only $348 million in their 24-hour trading volume.

Uniswap processed $15.3billion in volume (Source: Dune Analytics, CryptoCompare)
Uniswap processed $15.3billion in volume (Source: Dune Analytics, CryptoCompare)

Firstly, the driving force over the growth of the platform is the increasing interest of investors in the use of decentralized finance (DeFi). This has led to an exponential increase in activity over decentralized exchanges. Also, huge interest in governance tokens such as the UNI token has attracted investors and traders, largely contributing toward the growth of Uniswap.

Secondly, the use of governance tokens has added to the growth of DEXs. Compared to centralized exchanges that cannot list all tokens due to certain requirements, Uniswap accepts and lists all governance tokens over its platform. This has led to the total value locked (TVL) in DeFi to reach billions of dollars.

Monthly decentralized exchange volume-Source-Dune Analytics
Monthly decentralized exchange volume. Source: Dune Analytics

As per Dune Analytics, the last few weeks were down from the beginning of the month. However, all weeks in September were well above the peak from August.

Uniswap has continued to be competitive over the past months with a 21.28% dominance in the total value locked in DeFi. A DEX built on Ethereum, Uniswap has accumulated a whopping $2 billion in TVL.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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