​Uniswap exchange surpasses Coinbase in terms of spot trading volume

What’s new? Decentralized exchange (DEX) Uniswap beat centralized (CEX) Coinbase in terms of spot trading volume for the second straight month. March’s figure was $71,6 billion, a 49% increase over Coinbase, making it the best month for Uniswap since January 2022. For its part, Coinbase noted that spot trading volume on the exchange fell in the last week of March to $49,4 billion, a 23% increase from February’s $40 billion.

The Block’s material

What is known about 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 April 4, 08:10 UTC, the asset ranks 19th in the cryptocurrency ranking with a capitalization of $4,48 billion and is trading at $5,95, down by 0,5% in 24 hours.

Last November, Uniswap became the second-largest platform in terms of the daily trading volume of ETH, also surpassing Coinbase and behind Binance. In late January, the Uniswap community approved a proposal to roll out the project on Binance’s BNB Chain. In February, Uniswap added the option to buy NFTs with any ERC-20 assets.

In March, the German authorities launched an investigation into Uniswap’s activities due to the exchange’s crypto wallet ads, which were not approved by the local regulator.

What is going on with Coinbase? Representatives of Coinbase believe that trends on the exchange reflect a broader market: investors focusing more on large-cap tokens and stablecoins.

“Bitcoin dominance rose even further this week as the recent regulatory headlines with the SEC and CFTC highlighted the uncertainty that still surrounds ether and other altcoins,” the exchange said in a blog post.

SEC will receive a record $2,4 billion to regulate cryptocurrencies

The agency plans to hire 170 additional employees to fully supervise the financial markets

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Earlier, SEC chair Gary Gensler said that all blockchain tokens with the Proof-of-Stake (PoS) consensus algorithm could be classified as commodities. In contrast, CFTC Chairman Rostin Behnam classified Ethereum as a commodity, confirming the commission’s position voiced in the lawsuit against Binance.

On March 22, the SEC notified Coinbase that it violated securities laws. The notice applies to Coinbase Earn, Coinbase Prime, and Coinbase Wallet products, among others.