Decentralized exchange (DEX) Uniswap’s 24-hour trading growth has exceeded over $469 million, which is around 20% higher than Coinbase’s daily trading volume of over $373 million.
At the time of writing, Uniswap’s trading volume for the last 24 hours is at $469.68 million, marking an increase of over 70%.
Meanwhile, as per data from CoinMarketCap, the trading volume of Coinbase Pro stood at just over $373 million. Coinbase Pro is one of the top digital asset exchange platforms for trading cryptocurrency and has been around for some time.
Uniswap Founder Hayden Adams expressed his excitement over the new milestone. He said in a tweet,
🦄 Uniswap: $426M
🏦 Coinbase: $348M
Hard to express with how crazy this is. pic.twitter.com/48o0xRkiUo
— Hayden Adams 🦄 (@haydenzadams) August 30, 2020
Uniswap is a DEX platform that runs on the Ethereum blockchain. It enables permissionless swaps between ETH and other 200 ETH-based tokens. It does not have a native token. Rather, all fees are paid in ETH. According to Defi Pulse, there is a $175-million worth of ETH locked in Uniswap, which is roughly equivalent to 0.27 percent of the total supply.
Two versions of Uniswap are in operation. However, it is Uniswap V2 that is leading and is behind the increase in the transaction fees flowing straight to Ethereum miners.
Uniswap’s exponential rise in popularity among cryptocurrency users is proportional to a growing interest in decentralized finance (DeFi). Investors are scrambling to pour money into DeFi projects for profit, capitalizing on the volatile nature of cryptocurrencies.
One example is YFI, the governance DeFi token launched with no premine and no initial DEX offering. YFI recently hit $37k, which is more than three times the current price of Bitcoin.