Uniswap and Coinbase now have nearly equal daily volumes.
27% in January--> 49% today.
27% in January--> 49% today.
This strong shift in market structure comes as:
- Ethereum network transaction fees drop to their lowest levels since 2020
-DEXs facilitate billions in stablecoin swaps
- DEXs offer the most liquid wBTC/stETH markets (relevant as lenders liquidate en masse)
- Ethereum network transaction fees drop to their lowest levels since 2020
-DEXs facilitate billions in stablecoin swaps
- DEXs offer the most liquid wBTC/stETH markets (relevant as lenders liquidate en masse)
Yet, DEXs still account for just a fraction of total CEX volume.
Compared with just the top 3 CEXs (Binance, FTX, and Coinbase), Ethereum-based DEX market share in June was only 8%.
Compared with just the top 3 CEXs (Binance, FTX, and Coinbase), Ethereum-based DEX market share in June was only 8%.
Diving into DEX market share, we can see that Uniswap actually accounts for between 80-90% of total daily volume (on Ethereum).
Check out our latest Data Debrief for more on DEXs or attend my talk at EthCC this Thursday!
blog.kaiko.com/crypto-markets…
blog.kaiko.com/crypto-markets…
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