Uniswap, a decentralized finance (DeFi) protocol, has crossed the monthly trade volume of cryptocurrency exchange Coinbase, according to data compiled by the Block.
What Happened: In September, Uniswap volume stood at $15.4 billion and accounted for 65% of the $23.5 billion reported total of all decentralized exchanges, according to the Block.
In the same period, the Silicon Valley cryptocurrency exchange desk Coinbase saw a trading volume of $13.6 billion.
The decentralized exchange to centralized exchange ratio meanwhile rose to 13.9% in September, which is a new high. In August the ratio stood at 6.06%, the Block reported.
Why It Matters: The total value locked in DeFi contracts has risen to nearly $11 billion as of press time, according to DeFi Pulse, a website that tracks decentralized finance.
Sushi, a DeFi protocol that emerged out of Uniswap, rose 331.3% at the beginning of the last month before its founder cashed out 2.5 million tokens worth a then estimated $6 million to Ethereum.
Price Action: Uniswap token traded nearly 2.5% lower at $3.65 at press time.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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