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Uniswap overtakes Coinbase in daily trading volume amidst frenzy over meme coins

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In a major development in the cryptocurrency market, decentralized exchange Uniswap has surged past Coinbase in daily trading volume, driven by the recent hype surrounding Pepecoin’s booming market cap.

In the latest cryptocurrency trading development, Uniswap has been making waves as it outperformed Coinbase in daily trading volume. The event comes on the heels of the excitement surrounding Bitcoin, which recently surpassed the $1 billion market cap.

On May 4th, Uniswap squared off with Coinbase, with each platform reporting close to $1.2 billion in trading volume, DeFi Llama and CoinGecko reported. Then Uniswap took the lead on May 5th, recording $2.2 billion in trading volume, significantly surpassing Coinbase’s $1.3 billion.

As it stands now, Uniswap continues to maintain a slight advantage, recording daily volume of $1.2 billion, against Coinbase’s $948 million.

Uniswap’s successful operation can be attributed to its flexibility. The protocol runs across three versions on six different chains, including ethereum, arbitrage, and optimism. On the other hand, Coinbase provides support for ethereum and all EVM compatible networks.

While the recent spike in trading volume seems to be related to the coin meme mania, it is important to remember that the competition between Uniswap and Coinbase for the second spot in trading volume is not new, and has been going on since last year.

Uniswap has outperformed Coinbase several times in 2022, notably after the fall of FTX in November prompted traders to move away from centralized exchanges. 2023 also started positively for Uniswap, as it outperformed Coinbase in trading volume for two consecutive months – February and March.

When it comes to trading volume, Coinbase is the runner-up among centralized cryptocurrency exchanges, while Uniswap is the number one dog in the decentralized trading arena. In fact, over the past week, Uniswap has had four times the trading volume of its closest DEX competitor, PancakeSwap, as revealed by Dune data.

In the month of March alone, Uniswap handled nearly $73 billion in trades, which contributed to 61% of all DeFi trades in the past week. However, Binance still reigns supreme, with trading volume nearly seven times that of both Uniswap and Coinbase, according to CoinGecko’s latest numbers.

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