Home » The advent of decentralisation? Uniswap surpasses Coinbase in terms of volume traded

The advent of decentralisation? Uniswap surpasses Coinbase in terms of volume traded

by Patricia

Following the massive withdrawals from centralized exchanges in recent days, investors are flocking to decentralized solutions like Uniswap (UNI). As a result, the protocol has overtaken Coinbase in terms of traded volumes in the last few days, and already has more than $52 billion in traded volume in the last two weeks.

Uniswap benefits from recent events

Following the collapse of FTX, the event that has been in the news for a week now, users are withdrawing their funds en masse from centralized exchange platforms (CEX). Indeed, the sudden liquidity crisis of FTX, which remained Binance’s main competitor in the ecosystem, has sent a wave of panic through the cryptocurrency market.

As a result, the major centralized exchanges were forced to publish proof of their reserves as a transparency measure to their customers.

Thus, at a time when the loss of investor confidence is reaching its peak, investors are turning to decentralised solutions such as Uniswap (UNI), a reference protocol known for its large liquidity on a large number of tokens. We invite you to read our dedicated Uniswap fact sheet if you want to learn more about this pillar of decentralised finance (DeFi)

As Uniswap creator Hayden Adams points out, the decentralised protocol has overtaken giant Coinbase in terms of volume traded over the past 24 hours. Since the screenshot above, the gap between Uniswap and Coinbase has narrowed slightly, but the unicorn platform remains ahead across all asset classes.

Uniswap remains leader in DeFi

As the chart below shows, Uniswap remains the leading decentralised protocol in terms of volume traded, ahead of PancakeSwap and Dodo and Curve. Moreover, as we are only halfway through November, the platform is already eclipsing the previous month: it currently has $52 billion traded over the last 15 days compared to $29 billion in October.

In comparison, PancakeSwap has $7.55 billion traded in the current month and Dodo $7 billion.

Volumes traded on major DEX over 12 months

Volumes traded on major DEX over 12 months


If we want to compare this data with the centralized exchanges, we can see that the gap between Uniswap and Coinbase is now minimal since last June, where Coinbase used to keep a certain lead.

However, Binance is still the ecosystem leader in terms of volume traded, and this trend is likely to increase now that its main competitor FTX is out of the running.

Volumes traded for Uniswap (blue), Coinbase (red) and Binance (green)

Volumes traded for Uniswap (blue), Coinbase (red) and Binance (green)

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