According to data from CoinGecko, UniSwap’s 24-hour trading volume as of September 4, 2023, was $4.23 billion, while Coinbase was $3.86 billion. This means that UniSwap, which runs on the Ethereum blockchain and allows users to swap any ERC-20 token without intermediaries, fees, or KYC checks, handled more transactions than Coinbase, which offers a curated list of crypto assets and requires users to comply with various regulations and verification processes.
This is not the first time that UniSwap has outperformed Coinbase in terms of trading volume. In fact, UniSwap has been consistently surpassing Coinbase since August 2023, when it launched its own governance token, UNI, which sparked a surge in liquidity and activity on the platform. UNI, which is distributed to users who provide liquidity to UniSwap pools, has become one of the most popular and valuable tokens in the DeFi space, with a market capitalization of over $15 billion.
The growth of UniSwap and other DEX protocols reflects the increasing demand for permissionless and trustless platforms that offer users more control, choice, and innovation in the crypto space. While centralized exchanges still play a vital role in providing access and liquidity to the mainstream market, DEXs are proving to be a viable and competitive alternative for the more savvy and adventurous crypto enthusiasts.
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As the DeFi sector continues to evolve and expand, it is likely that we will see more DEXs challenge and surpass centralized exchanges in terms of trading volume and user adoption. This will not only benefit the users who seek more freedom and flexibility in their crypto transactions, but also the entire crypto ecosystem as a whole, as it will foster more innovation, diversity, and resilience in the industry.
Adidas /// Studio, a creative platform powered by Web3 technology, has unveiled a new initiative to support digital artists in the NFT space. The initiative is called the Adidas /// Studio Digital Artist Residency Program, and it aims to provide mentorship, exposure and resources to emerging and established creators who want to explore the possibilities of NFTs.
The program will kick off on Sept. 4 and will last until Sept. 11, featuring a series of online and in-person events, workshops, panels and exhibitions. The program is open to artists from all backgrounds and disciplines who are interested in learning more about NFTs and how they can use them to express their vision and connect with their audience.
Ethereum’s co-founder Vitalik Buterin has recently sold half a million dollars’ worth of MakerDAO’s governance token, MKR, according to data from Etherscan. The move has sparked speculation and debate within the crypto community, as some wonder what motivated Buterin to reduce his exposure to the decentralized lending platform. Buterin has not publicly commented on his decision, but some possible explanations include diversifying his portfolio, funding other projects, or simply taking profits.
FTX, the leading cryptocurrency exchange, has announced that it will transfer some of its Solana (SOL) tokens to a new entity under its control. The move comes amid speculation that FTX might sell its large SOL holdings, which could negatively affect the price of the token. FTX’s CEO Sam Bankman-Fried, who is also a co-founder of Solana, has denied any plans to dump SOL and said that the transfer is part of a restructuring process. He also suggested that FTX could distribute some of its SOL tokens to its customers as a reward or incentive.
The launch of Aerodrome, a decentralized protocol for automated liquidity provision, has boosted the total value locked (TVL) of Base Protocol by 100%. Base Protocol is a platform that allows users to trade tokens pegged to the market capitalization of any asset. According to data from DeFi Pulse, the TVL of Base Protocol has increased from $190 million to $380 million in the past week, indicating a strong demand for its innovative products.
TRYB, a new stablecoin backed by the Turkish lira, aims to provide a reliable and transparent alternative to dollar-pegged tokens in the Turkish crypto market. TRYB is issued by BiLira, a blockchain company that has been operating since 2018. TRYB claims to offer lower fees, faster transactions, and better compliance than other stablecoins in the region. TRYB is also compatible with various DeFi protocols, allowing users to access decentralized lending, borrowing, and trading services.