Following the massive withdrawals from centralized exchanges in recent days, investors are flocking to decentralized solutions like Uniswap (UNI). Thus, the protocol has passed Coinbase in terms of volumes traded in recent days, and already displays more than 52 billion dollars in volume traded over the past two weeks.
Uniswap takes advantage of recent events
Following the collapse of FTX, the event that has been in the news for a week now, users are withdrawing their funds en masse from centralized exchanges (CEX). Indeed, the sudden liquidity crisis of FTX, which remained Binance’s main competitor within the ecosystem, sent panic to the cryptocurrency market.
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Consequently, the main centralized exchanges have been obliged to publish proof of their reserves as a guarantee of transparency vis-à-vis their customers.
Thus, at a time when the loss of investor confidence is reaching its climax, the latter are redirecting to decentralized solutions like Uniswap (UNI), a benchmark protocol recognized for its high liquidity on a large number of tokens. We invite you to read our page dedicated to Uniswap if you want to learn more about this pillar of decentralized finance (DeFi).
DEX starting to replace CEX?
Total ETH/USD (stable gold) volume:
Binance: ~$1.9b
Uniswap: ~$1.1b
Coinbase: ~$0.6b https://t.co/FQR2PcIQzX— hayden.eth 🦄 (@haydenzadams) November 14, 2022
As pointed out Hayden Adams, the creator of Uniswap, the decentralized protocol has overtaken the giant Coinbase in terms of volume traded over the past 24 hours. Since the screenshot above, the gap has narrowed slightly between Uniswap and Coinbase, but the unicorn-logoed platform remains ahead, across all asset classes.
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Uniswap remains leader in DeFi
As shown in the graph below, Uniswap remains the leading decentralized protocol in terms of volume traded, ahead of PancakeSwap then Dodo and Curve. Moreover, while we are only halfway through November, the platform is already eclipsing the previous month: it currently displays 52 billion dollars traded over the last 15 days against 29 billion in October.
In comparison, PancakeSwap shows 7.55 billion dollars exchanged over the current month and Dodo 7 billion dollars.
Volumes traded on major DEXs over 12 months
If we want to compare this data with centralized exchanges, we can see that the gap between Uniswap and Coinbase is now minimal since last Junewhere Coinbase previously maintained a certain lead.
Binance remains a big leader, however. of the ecosystem in terms of traded volume, and the trend should increase now that its main competitor FTX is out of the running.
Volumes traded for Uniswap (in blue), for Coinbase (in red) and for Binance (in green)
If the trend continues, Uniswap could well surpass its monthly volume peak of last May which had reached 61 billion dollars.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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