See More

Uniswap Hits $254M in 24-hour Volume In the Year of the DEX

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • As the Ethereum DeFi craze continues, Uniswap recorded $254M in 24-hour trading volume.
  • This total puts Uniswap at number nineteen by total volume compared to all other exchanges.
  • Such growth is likely to attract further attention from regulators.
  • promo

In the last few years, decentralized exchanges (DEXs) seemed to be a flash in the pan against the huge growth seen by giants like Coinbase and Binance. 2020, on the other hand, is a whole new landscape, and decentralized exchanges like Uniswap are enjoying a massive increase in trading volume.
Uniswap, a leading DEX, just hit a record high for 24-hour volume. Uniswap’s market share has been growing rapidly in the past several months. According to CoinGecko data, Uniswap did $254M in volume in the past day—nearly four times higher than the next closest decentralized liquidity pool.
Coingecko
Source: Coingecko
The surging volume is predictable if you’ve been following the buzz. On Aug. 9, Hayden Adams, the founder of Uniswap, Tweeted that exchange was processing over 100,000 transactions per day. This was followed by the announcement of the volume spike: The growth makes sense when considering that Uniswap is where many DeFi tokens are first listed and is a primary source of liquidity for many new Ethereum-based tokens. Uniswap’s total volume puts it in a position to start rivaling some of the larger, centralized exchanges. At the time of publishing, Uniswap’s volume rivaled some of the top-rated centralized cryptocurrency exchanges, beating out KuCoin by a hefty margin and matching nearly 45% of the 24H volume on Coinbase Pro.
Exchange Volume
Top-3 Trusted Exchanges Data from CoinGecko
Whether Uniswap can sustain these volumes has yet to be seen. The data does suggest that DEXs could return to dominate the ETH asset market sooner than many may have expected. This development is also notable considering how underdeveloped decentralized exchanges are, and how much room for improvement there is from a UX perspective. This news comes in the wake of Uniswap’s announcement of an $11 million Series A funding round led by Andreessen Horowitz. These kinds of developments are likely to increase regulatory attention, and perhaps this is when the real test will begin.
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

5dd591a743bdef9b368ebf484d202a0b?s=120&d=mm&r=g
Colin Adams
Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don't amount to more than a handful of BAT.
READ FULL BIO
Sponsored
Sponsored