Uniswap, new standard-bearer for DeFi after surpassing Coinbase

Just a couple of weeks ago we were talking about decentralized finance or DeFi, and the importance of making financial services accessible. Well, it seems that more and more users are becoming aware of the benefits of these tools, which is evident with the latest news that arrives. For example, when we learn that the daily volume of Uniswap just surpassed that of Coinbase.

Indeed, the first evidence before us is that, as we said, the volume of transactions around Uniswap has exceeded the daily volume of Coinbase Pro, as a direct consequence of the increasing demand for DeFi in recent weeks. In this way, the decentralized exchange -DEX- most used in Ethereum, was placed as the first reference in its segment since the end of last August.

And this explosion around DeFi is the main explanation for why many investors who tend to operate within centralized exchanges, decided to make the leap this time to decentralized finance.

According to the data that the people in charge of Uniswap recently provided, on that August 30, they moved 426 million dollars on their platform, for the 349 million dollars of Coinbase Pro. Even outside specialists such as those of CoinMarketCap confirmed those statistics that mark a new era.

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Why is Uniswap’s popularity growing so fast?

Since last June, the total insured value in DeFi protocols increased from $ 1 billion to $ 7.7 billion, according to experts at Defipulse.com. Immediately, many small tokens related to DeFi appeared, the same ones that later appear anchored to centralized exchanges but that, in these environments, do not require any kind of external approval.

There are several finished examples of this that we mentioned. Without going any further, when Yearn.finance (YFI) first went on the market, it was listed on decentralized exchanges, such as Uniswap. Then Poloniex, FTX, etc. After some time working in this way, Binance finally accepted the token in its listings, recognizing it.

In the same way, a good number of small and mid-cap DeFi-related tokens are actively traded on Uniswap. Especially the ones that are not included in the main exchanges. It is this abundance of tokens on Uniswap, coupled with the overall growth of the DeFi market, that has led to its exponential growth. One celebrated by Hayden Adams, creator of Uniswap.

Likewise, the increasing activity of Uniswap users also coincides with a notable increase in the volume of daily transactions of Ethereum. Etherscan, the explorer of the Ethereum blockchain, shows that the number of transactions has risen from $ 435,000 in January to more than 1.1 million in August.

In fact, daily transaction activity on the Ethereum blockchain is approaching 2018 levels for the first time in two years. At that time, its ceiling was 1.4 million. Will it be overcome now?

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Will the DeFi craze continue?

In any case, the pace of growth of the DeFi market seems to have no limits. We are at a point where, many believe, it is more lucrative to harvest DeFi coins than to mine them. So that feeling that we don’t know yet when the trend will stop seems to be on the mark. Professionals consider that a slowdown in processes is not yet in sight. Indeed, this may be a good time to go for them.

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