Happy Monday, Blockfolians
As if you needed more proof of how rapidly decentralized exchanges are growing, Uniswap officially had more volume than Coinbase for the month of September. Uniswap’s $15.4B convincingly beat Coinbase’s $13.6B.
Perhaps even more important is the DEX-to-CEX ratio. That number was just 6.06% in August, but grew all the way to 13.9% in September.
This growth may not reflect a whole large new group of retail traders adopting DEXes. More likely, it reflects how much of the mainstream crypto community’s attention is firmly focused on DeFi right now.
We expect both overall DEX volume and the DEX-to-CEX ratio to do nothing but increase.
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Highly Relevant Reading
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A Really Big Number We Should Be Paying Attention To
That was the total (legitimate) trading volume last month - the second highest in 2020 after August.