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(Kitco News) –
Uniswap, a decentralized exchange (DEX), processed a massive amount of ETH transactions overnight, propelling it into second place for daily Ethereum trading by volume. Uniswap nearly doubled the ETH volume of first while number-two Coinbase.
Hayden Adams, the creator of Uniswap, shared the news in a tweet on Tuesday morning.
DEX starting to replace CEX?
Total ETH/USD (or stable) volume:
Coinbase: ~$0.6b https://t.co/FQR2PcIQzX
— hayden.eth 🦄 (@haydenzadams) November 14, 2022
Binance remains in first place in Ethereum transactions, with over $1.7 billion in the past 24 hours.
DEXs like Uniswap are quickly rising in popularity in the wake of the collapse of FTX, a centralized exchange (CEX), and the ongoing liquidity concerns at other exchanges. A DEX enables customers to trade cryptocurrencies while retaining full control over their funds, whereas centralized platforms can freeze user withdrawals or even transfer client funds to third parties.
Since last Tuesday when the FTX collapse began, DEXs processed $31 billion in crypto transactions, with Uniswap hosting two-thirds of the volume. Many DEXs saw their volume double Tuesday evening, and Uniswap’s volume tripled.
And the strength was reflected across all DEXs, including smaller players. DEX aggregator 1Inch network tweeted on Friday that it saw gains across all of its DEX protocols during the week, with $1.94 billion in volume over the preceding 24 hours and a 20% increase in daily users from Wednesday through Friday.
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