Uniswap launched its services in November 2018. It offers decentralized financial services based on the Ethereum blockchain. The exchange had become one of the most important decentralized exchanges. Uniswap also recently launched on the BNB Chain after the proposal passed with flying colors.
Now, according to the latest details from The Block Research, Uniswap has recorded remarkable volume in the spot market. The DEX also beat Coinbase for the second month in a row.
Uniswap records spot market volume of $71.6 billion
According to the data, Uniswap recorded a spot market trading volume of $71.6 billion in March. The data shows that it is 45% higher than that of Coinbase.
The data also provides evidence that March was the best month for the DEX since January 2022. Coinbase posted spot market volume of $49.4 billion in March. The increase in trading volume on DEXs like Uniswap is good evidence that users are steering towards decentralized exchanges.
Tightened oversight by SEC and US regulators has also impacted trading volume on Coinbase. The regulators are quietly trying to bring down the cryptocurrency industry as part of Operation Choke Point 2.0. Coinbase was also the subject of a message from Wells in May.