Uniswap’s trading volume climbed above Coinbase’s in February, and although both exchanges' volumes have declined since then, Uniswap has remained ahead of Coinbase. Uniswap is a DEX that runs on the Ethereum blockchain.
Uniswap handled some $37 billion trading in April, compared to March, when it handled over $70 billion. Coinbase saw $34 billion worth of trading volume on its exchange in April, versus $49 billion in March.
The depeg of USDC in March alongside other stablecoins was a large factor in Uniswap's rising trading volume, according to Jacob Joseph, research analyst at CCData. "Traders turned to on-chain trading venues during this period of uncertainty," he wrote in a note to CoinDesk.
"As the largest decentralised exchange, Uniswap was well placed to take advantage of decreased market liquidity and increased regulatory focus on centralised exchanges," Joseph wrote.
Bitcoin and ether have also witnessed price recoveries since the start of the year, which helped bolster market sentiment and renew interest in decentralized finance applications, Joseph added.
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