Decentralized exchange processes $110B in trades during Q2 while Coinbase sees decline amid bear market
Uniswap, the leading decentralized exchange, has consistently outperformed Coinbase, the top US crypto exchange, in spot trading volume throughout 2023. Researcher Ryan Rasmussen from Bitwise, a crypto asset manager, shared data showing Uniswap processed around $110B in trades during Q2, compared to Coinbase's $90B.
This marks the second quarter in a row that Uniswap's spot volume exceeded Coinbase's, with the former facilitating approximately $155B in trades and the latter processing $145B in Q1.
As the bear market persisted, Coinbase experienced a more significant loss in spot trading activity, with an 83% decline from about $540B in Q4 2021. Meanwhile, Uniswap volume dropped by half from $235B over the same period, reflecting the resilience of blue-chip decentralized protocols in periods of market downturn.
Despite the increase in Uniswap's trading volume this year, the UNI token is down 10% in 2023, remaining 90% below its May 2021 all-time high. Uniswap is focused on expanding its market share with new products, such as the development of Uniswap v4 and the introduction of its DEX aggregation protocol, UniswapX. Uniswap v4 aims to provide additional features, while UniswapX seeks to offer the best possible price to traders and protection against Maximal Extractable Value.
