🦄 Weekly Recap: Uniswap Overtakes Coinbase

Happy weekend Defiers!

Bitwise published data showing that Uniswap beat Coinbase, the top U.S.-based centralized exchange, by quarterly spot volume for both Q1 and Q2 of 2023.

Uniswap extended its lead over Coinbase last quarter, hosting $110B worth of trades compared to roughly $90M on Coinbase. The data evidences the stickiness of top DeFi protocols, with spot volume on Coinbase down 83% from its all-time high compared to 50% for Uniswap.