Uniswap first surpassed Coinbase’s trading volume in February, and while both exchanges have since declined in volume, Uniswap is still ahead of Coinbase.
Uniswap processed about $37 billion in April and more than $70 billion in March. Coinbase traded $34 billion in April and $49 billion in March.
According to CCData analyst Jacob Joseph, USDC’s decline in March, along with other stablcoins, was an important factor in Uniswap’s increased trading volume.
“During this period of uncertainty, traders turned to online trading venues.
Uniswap has been well positioned to take advantage of the market’s reduced liquidity and increased regulatory attention to centralized exchanges,” he said.
Earlier, the Coinbase team suggested that the problems of FTX exchange customers are just the tip of the iceberg, and the effects of the collapse are accompanied by “second-order effects” that will extend the crypto-zima until the end of 2023.
In March, CCData released a report stating that trading volumes on centralized cryptocurrency exchanges reached $3.81 trillion last month. This is the maximum since September 2022.