The trading volume on Uniswap exceeded the volume of trades on Coinbase Pro for the first time in history. The growth is due to the unprecedented popularity of DeFi projects.

Decentralized cryptocurrency exchange Uniswap, deployed on the Ethereum blockchain, surpassed Coinbase in daily trading volume on August 30. It was mentioned by the creator of Uniswap Hayden Adams.

“Wow, UniswapProtocol 24hr trading volume is higher than coinbase for the first time ever. Uniswap: $426M. Coinbase: $348M. Hard to express with how crazy this is."

The reason is the explosive growth of the decentralized finance (DeFi) market, whose tokens are traded on Uniswap and not listed on Coinbase.

According to CoinMarketCap, on August 30, Coinbase processed $349 million in transactions, while, according to Uniswap's own data, the platform processed $426 million per day.

According to Defipulse, since June, the total value of assets locked in DeFi protocols has grown from $1 billion to $7.7 billion. According to other estimates, no more than $3 billion is locked in DeFi protocols, and the miscalculation is due to multiple counting of one and the same value brought into the decentralized finance market by buying some DeFi tokens for others.

Uniswap, unlike centralized crypto exchanges, does not thoroughly check projects before listing their tokens. Therefore, DeFi-protocol tokens begin to be traded on it much earlier than on crypto-exchanges.

The rise in user activity on Uniswap also coincides with a noticeable increase in daily transaction volume on the Ethereum network, most DeFi projects are built on. The Etherscan blockchain explorer shows that the number of Ethereum transactions increased from approximately 435,000 in January to over 1.1 million in August. Daily transactional activity on the Ethereum blockchain is approaching 2018 levels for the first time in two years.