DeFi Boom: Ethereum-Based DEX Uniswap Surpasses Coinbase Pro

August 31, 2020 4:25 PM UTC

Uniswap, the leading decentralized exchange built on top of Ethereum, has hit new highs, exceeding Coinbase Pro in terms of daily trade on August 30.

According to CoinMarketCap analysis, Coinbase Pro reached $349 million in 24 hours of the trading volume, and Uniswap reached over $426 million at the time of reporting. However, analysis shows that Binance still drives the market by standing at $6.5 billion in 24 hours of the trading volume.

Uniswap Surge Observing DeFi Growing Trend 

Uniswap mainly jumps by the growing trend of the decentralized finance (DeFi) sector.  Defipulse.com reveals that the total value locked in the sector rallied almost 271% to attain a $7 billion threshold for the first time.

Uniswap usually launches small DeFi tokens before they are listed on centralized exchanges, as it does not need the permission of central authorities. The growth of several small DeFi tokens plays a significant role in the increase of Uniswap.

Pointing the fast expansion of Uniswap Hayden Adams, the founder of Uniswap, wrote:

“Wow, Uniswap 24hr trading volume is higher than Coinbase for the first time ever. Uniswap: $426M Bank Coinbase: $348M. Hard to express with how crazy this is.”

The abrupt growth of Uniswap has also pushed the daily Ethereum transaction volume. Etherscan, the Ethereum blockchain explorer, displays that Ethereum transactions have jumped to almost 1.1 million, starting from around 435,000 transactions.

However, the growing Ethereum transactions have also pushed gas fees to attain an all-time high of $6.87 million. On August 12, some traders have faced unusual transaction fees on Ethereum, mainly fuelled by an increase in new ICOs and DeFi protocols.

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