San Francisco-based exchange Coinbase has fallen behind decentralized exchange Uniswap in terms of trading volume since the beginning of 2023, making the DeFi exchange the premier decentralized trading spot for users. 

Trading Volumes On Uniswap And Coinbase

Taking to X (Formerly Twitter) Bitwise researcher Ryan Rasmussen revealed that Uniswap performed better than Coinbase in terms of spot trading volumes in 2023.

Uniswap’s trading volume first surpassed Coinbase’s trading volume in February, and despite the decline in trading volume since then, Uniswap still managed to be ahead of the largest crypto exchange in the United States.

Coinbase’s daily trading volume has consistently been above $1 billion since then, while Uniswap’s daily trading volume has come out above $1.4 billion for the same time period.

According to data shared, both Uniswap and Coinbase’s trading volume in Q1 of 2023 was above $100 billion respectively. However, Uniswap managed to surpass Coinbase by $10 billion in trading volume at the end of Q1 of 2023. Uniswap facilitated up to $150 billion in trading volume, while Coinbase came out at $145 billion worth of trades.

Presently, Uniswap generates more than half of the daily trading volume of all DeFi protocols put together. In terms of monthly volume, Uniswap facilitated up to $73 billion in monthly trading volume in March alone and accounted for over 60% of all DeFi trading over 7 days straight. 

In comparison, Coinbase saw a total of $49 billion in monthly trading volume for March, coming well behind Uniswap in this regard.

Side-by-side comparisons of both exchanges since 2020 | Source: X

Uniswap was also dominant in Q2 of 2023, surpassing Coinbase with close to $20 billion at the end of Q2 of 20

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Author: Scott Matherson

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