Uniswap has seen a vast spike in adoption over recent weeks due to the ongoing craze in decentralized finance where there are popular tokens being listed left and right.
Trader “CL” noted that Aug. 31 was the second day in a row where the volume on Uniswap surmounted that seen on Coinbase.
The analyst sees this as an opportunity for Ethereum, which Uniswap is based on, to accrue more value:
“Second day in a row where Uniswap volume > Coinbase. This month, multiple DEXes like Curve, 1inch, Balancer, also have volume on par with big exchanges like Kraken, Bitstamp, Gemini, etc. Most of these CEXs have multi-billion valuations. ETH is still sub-50B mktcap.”
As Uniswap has seen this uptick in adoption, analyst Nicholas Merten noted that there is now $1 billion worth of cryptocurrency liquidity allocated to the platform, making it a viable place for traders to transact many cryptocurrencies.