Uniswap, running on ethereum through smart contracts has for the first time overtaken the biggest US based crypto exchange, Coinbase.
In a sign of our times, Coinbase handled ‘only’ about $370 million in trading volumes for the past 24 hours on its many trading pairs, including bitcoin, eth, and more exotic things like Orchid, that being some “open marketplace for bandwidth built on Ethereum.”
While Uniswap has seen a jump in volumes across its many mostly exotic trading pairs, handling $440 million in the past 24 hours as pictured above.
Uniswap trades are on the blockchain, so they can’t be faked without considerable costs because ethereum fees are rising due to a significant increase in demand.
Meaning probably almost all of these volumes are real as there’s a lot of things to buy and sell on Uniswap in addition to liquidity provision functions which can open arbitrage opportunities.