Uniswap comes second in the daily trading volume of Ethereum
On November 14, the exchange overtook Coinbase, recording an almost two-fold gap in performance
15.11.2022 - 19:40
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What’s new? On November 14, the decentralized exchange (DEX) Uniswap became the second-largest platform in terms of the daily trading volume of Ethereum cryptocurrency, overtaking its nearest rival, the centralized exchange (CEX) Coinbase. This was reported by Uniswap founder Hayden Adams, citing data published by the CEO of research firm Nansen Alex Svanevik.
DEX starting to replace CEX?Total ETH/USD (or stables) volume:Binance: ~$1.9bUniswap: ~$1.1bCoinbase: ~$0.6b https://t.co/FQR2PcIQzX
— hayden.eth 🦄 (@haydenzadams) November 14, 2022
What else is known about volumes? According to Adams, Binance processed $1,9 billion in ETH pairs with dollars or stablecoins from November 13-14, Uniswap processed $1,1 billion, and Coinbase almost half as much, about $0,6 billion. Meanwhile, in September, analysts at CryptoRank recorded a 25% decline in trading volume on Uniswap compared to the August figures.
In his tweet, Adams wonders if DEX is starting to replace CEX. The former allows customers to trade cryptocurrencies while retaining full control over their funds, which provides a higher level of protection against asset freezes or platform failures.
What is Uniswap? It is a decentralized protocol for the exchange of cryptocurrencies, created based on Ethereum in 2018. The platform uses the native token UNI to provide liquidity. As of November 15, 15:40 UTC, the asset is trading at $6,47 (+9,63% in 24 hours), according to Binance.
Earlier, Binance exchange CEO Changpeng Zhao and Michael Saylor, head of MicroStrategy’s board of directors, called for keeping assets in their own wallets. Billionaire Elon Musk also recommended that users store cryptocurrencies outside of exchanges, in cold wallets. The entrepreneurs’ statements came amid the bankruptcy of the FTX exchange and the entire FTX Group, owned by Sam Bankman-Fried.
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