Decentralized Exchange (DEX) Uniswap has outpaced centralized exchange Coinbase (COIN) in trading volume for the fourth consecutive month, according to CCData data. Uniswap’s trading volume climbed to $37 billion in April, compared to the $70 billion it handled in March. Coinbase’s trading volume was $34 billion in April, down from $49 billion in March.
The USDC depeg in March, allowing stablecoins to be used side-by-side, was an important factor in Uniswap’s rising trading volume, according to Jacob Joseph, Research Analyst at CCData. “Traders turned to on-chain trading venues during this period of uncertainty,” he said in a note sent to CoinDesk. “As the largest decentralised exchange, Uniswap was well placed to take advantage of decreased market liquidity and increased regulatory focus on centralised exchanges.”
The recovery of the price of Bitcoin and Ether since the beginning of the year has also helped to boost the market sentiment and renewed interest in applications that use decentralized finance, Joseph added.