The Decentralized Exchange UniSwap Overtakes Coinbase Pro In Daily Market Volume

The Decentralized Exchange UniSwap Overtakes Coinbase Pro In Daily Market Volume

UniSwap, the decentralized exchange built on Ethereum, has overtaken Coinbase Pro for the first time in history in overall daily market trading volume.

Today is a pretty historic day within the DeFi community; UniSwap, the decentralized exchange and liquidity platform built on Ethereum, had more daily volume than Coinbase Pro, one of the largest centralized cryptocurrency exchanges in the world and one of the most dominating players in the space today. According to UniSwap data, the exchange processed over $425 million worth of cryptocurrency trades in a 24 hour span compared to Coinbase Pro who saw just $349 million in daily volume.

This staggering feat shows the massive and continued interest in decentralized finance (DeFi), especially from a project that was extremely overlooked just 1 year ago. Since June, the total amount of value locked in different DeFi platforms has exploded from less than $1 billion to almost $8 billion. This increase led to the creation of many new tokens utilizing DeFi that needed to be listed on exchanges and traded. Since the coins were based on decentralized financial principles, they used a decentralized exchange built on the same Ethereum protocol to stimulate liquidity and trading.

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