The major decentralized exchange, Uniswap, has continuously beaten the top centralized crypto exchange in the U.S., Coinbase, by spot trading volume in Q2 2023.
Uniswap processed about $110 billion in trades, compared to Coinbase’s processing of about $90 billion in the second quarter of 2023, according to data shared by a researcher at Bitwise and a crypto asset manager, Ryan Rasmussen.
In Q1, the quarterly spot volume of Uniswap also surpassed that of Coinbase, as the exchanges handled by Uniswap were worth $155 billion, while Coinbase processed $145 billion.
In Q4 2021, Coinbase experienced a significant decline in spot trading activity amid the bear market, losing 83% of about $540 billion. On the other side, Uniswap’s volume just dropped by half, from over $235 billion in same period.
The 2022 bear market has had a devastating impact on centralized crypto firms, with exchanges, lenders, and venture capital firms losing billions of dollars worth of assets belonging to their clients.
This year, Uniswap exchange volume increased, but the UNI token is down by 10%. UNI is still 90% below its record high set in May 2021.
Also Read: Uniswap beats Coinbase in Trading Volume amid USDC Depeg and U.S. Crackdown
