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.
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.
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.
Despite yield farming craze calming down DEX volumes crushed old records in September:
$24B traded, up 💯% from August 📈 @UniswapProtocol🥇
— Dune Analytics (@DuneAnalytics) October 1, 2020