The record volumes can be attributed to the growing popularity of Sushswap.
For the first time, the daily trading volume on the decentralized Uniswap platform was higher than on the Coinbase exchange. At the time of this writing, Coinbase is the 3rd most traded cryptocurrency spot exchange. Ethereum developer Hayden Adams, the creator of the Uniswap protocol, drew attention to the record.
The founding partner of Primitive Crypto and advisor to Coindesk Dovi Won commented on the tweet.
In her opinion, the success of the decentralized Uniswap protocol should raise concerns among centralized digital asset exchanges. The latter includes many popular trading platforms such as Coinbase and Binance.
Uniswap liquidity and volume data. Source: uniswap.info
Members of the crypto community paid attention to the fact that the record for the volume of trade operations on Uniswap was achieved due to the popularity of the DeFi project Sushiswap. Its users can receive rewards in the form of SUSHI tokens for actions that build up the pool of liquidity. Uniswap offers the startup’s cryptocurrency. Sushiswap has gained popularity among crypto farmers.
Uniswap is a decentralized exchange that provides access to the protocol of the same name. With its help, users can exchange ERC-20 (Ethereum) tokens without working with the order book, which has become traditional for crypto trading platforms.
In Uniswap, tokens are combined into smart contracts, from which, subsequently, liquidity pools are formed. The members of the community can conduct trading operations within their limits. Its technical features made the protocol popular among DeFi projects.
It’s worth remembering that recently the Uniswap developers presented a tool to combat fraudulent tokens.