- Coinbase Global Inc’s trading volume surpasses that at Uniswap.
- Analyst claims that CEXs are essential for exchange landscape.
- Coinbase also ended trading Binance USD on Monday.
Kaiko – a notable digital assets data provider, on Monday, confirmed that trading volume at Coinbase has now surpassed Uniswap.
Coinbase trading volumes surpass $185 billion
As of last week’s end, the cryptocurrency exchange had traded volumes of over $185 trillion. That’s about double the $93 billion on its decentralised counterpart, Uniswap.
Many expected a shift towards decentralised exchanges (DEX) after the collapse of centralised platforms last year. But that’s “a bit premature” as per Conor Ryder’s (Kaiko research analyst) response to CoinDesk on Twitter.
Poor user experiences on DEXs are still a concern for average investors. This is in contrast to the simpler CEXs experience. CEXs will remain an essential component of the exchange landscape.
DEX trading volumes had once hit $113 billion
Notable is the fact that trading volumes at Coinbase & Uniswap were almost equal at one time last year.
Follow these steps: FTX fiasco According to reports, November volumes on decentralised exchanges reached a staggering $113 billion. In comparison, they’re unlikely to top even $100 billion this month.
Last week, the cryptocurrency exchange reported higher-than-expected revenues for its fourth quarter. Coinbase also released its Monday report. terminated Binance USD is being traded, claiming it doesn’t meet the listing standards. The company’s shares are up 75% since the beginning of the year.