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Coinbase Trade Volume Surpasses Uniswap’s, Countering Expectations for a DEX Surge

Cryptocurrency exchange Coinbase’s trading volume has surpassed the popular decentralized exchange platform Uniswap’s this year, according to a report from crypto data firm Kaiko.

As of Friday, trading volumes for Coinbase had reached more than $185 billion, nearly double the $93 billion on Uniswap, Kaiko said. At one point in 2022, the exchanges’ respective volumes were nearly equal.

Following last year’s collapse of the FTX exchange and other centralized entities in the crypto ecosystem, market watchers anticipated seeing more traders pivot to decentralized exchanges (DEXs), and at one point in 2022, that shift seemed to be occurring. But DEXs have presented challenges for users.

Data from analytics platform DefiLlama showed that November trading volumes on decentralized platforms surged to $113 billion, their highest monthly level since May, but they now seem unlikely to surpass $100 million this month, based on daily volumes.

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