- Daily trading volumes of Uniswap and Coinbase are nearly equal.
- Uniswap (UNI) traded at $7.39 with a market cap of $5,428,169,203.
Despite the market condition, Uniswap’s trading volumes are now almost equal to Coinbase, overall Ethereum-based decentralized exchange (DEX) volumes are still insignificant in comparison to entire centralized exchange (CEX) transactions.
The decentralized exchanges experienced a brief spike in popularity until soaring Ethereum gas prices made them too expensive to operate, with a trade frequently costing over $100. As a result of this, Uniswap’s volume market share in comparison to Coinbase has increased from 27% to about 50% since January 2022, according to cryptocurrency data provider, Kaiko.
The comparative growth in trading volumes for Uniswap may also be attributed to the expanding contribution of DEXs to stablecoin swap liquidity, especially significant in light of TerraUSD’s failure and Tether’s ongoing devaluation against the US dollar.
Also, when Comparing the top 3 exchange platforms (Binance, FTX, and Coinbase) with DEXs, which represented just 8% of overall trading volume in June, shows that centralized exchanges continue to dominate the crypto market.
The Ethereum network transaction costs have dropped to their lowest levels since 2020, which has caused a significant shift in the market structure. However, on July 12, the Uniswap v3 protocol was the victim of a smart phishing attack that resulted in the loss of Ethereum (ETH)worth more than $4 million.
Crypto Market is Pullback
The significant rise in US tech equities caused the cryptocurrency market to backtrack as it rose for a second day. Additionally, the bankruptcy of a significant lender of digital assets reassured investors and strengthened the upward trend in the crypto market.
As a result, the cryptocurrency market’s upward tendency helps a lot of well-known coins get some momentum. According to CMC, the market cap is back to $1 trillion, at the time of writing Uniswap (UNI) traded at $7.39 with 24 hours of trading volume of $304,045,038. UNI is up 0.33% in the last 24 hours and had a market cap of $5,428,169,203.