Uniswap Volume Leapfrogs Coinbase Thanks to Pepe and Meme Coins

Amid the craze generated by Pepecoin (PEPE), which noticed its market cap surpass the $1 billion mark final week, decentralized change (DEX) Uniswap overtook Coinbase in each day quantity over the previous few days. 

The DEX first pulled even on Might 4th, when each exchanges noticed roughly $1.2 billion in quantity in accordance with DeFi Llama and CoinGecko. 

It’s price nothing that Uniswap, as a protocol, has three totally different variations throughout six totally different blockchains, together with Ethereum, Arbitrum, and Optimism. In the meantime, Coinbase helps Ethereum and all EVM-compatible networks. 

The distinction in quantity continued to rise the following day, with Uniswap seeing $2.2 billion on Might 5 in comparison with Coinbase’s $1.3 billion. As of this writing, Uniswap nonetheless seemed to be barely forward of Coinbase, with $1.2 billion quantity in comparison with the San Francisco-based change’s $948 million.  

Regardless of the likelihood that buying and selling quantity over the previous few days appears to be fuelled by the meme coin hype, each platforms have been engaged in fierce competitors for second place in buying and selling quantity since final 12 months. 

This isn’t the primary time Uniswap has beat Coinbase on quantity. It occurred a number of occasions in 2022, particularly after the collapse of FTX in November drove merchants away from centralized exchanges.

This 12 months has additionally been fairly optimistic for Uniswap, which noticed two months in a row–February and March–of upper buying and selling quantity than its centralized competitor. 

Coinbase sits at second place for centralized cryptocurrency change volumes, whereas Uniswap is the premier decentralized buying and selling spot for customers, quadrupling its closest competitor, PancakeSwap over the previous seven days, in accordance with info from Dune. 

In March, Uniswap noticed virtually $73 billion in month-to-month buying and selling quantity. The DEX accounted for 61% of all DeFi buying and selling over the previous 7 days, in accordance with the Dune dashboard.

Whereas Uniswap and Coinbase duke it out for second, Binance continues to take pleasure in an unmatched first place, with almost 7 occasions the buying and selling quantity on each aforementioned platforms, as proven on Coingecko.