The astronomical rise of the prank-themed cryptocurrency PEPE last week caused the frequency of transactions on decentralized exchanges to become more frequent.
According to crypto tracker CoinGecko, DeFi platform Uniswap surpassed the Coinbase exchange with a daily volume of $1.2 billion on May 4, 2023. The volume gap continued to widen after the news that central crypto trading platforms will list the PEPE coin.
According to the data, on May 5, 2023, the volume gap between Uniswap and Coinbase reached $900 million. While the volume of 2.2 billion dollars was realized on the DeFi platform, Coinbase was limited to 2.3 billion dollars.
The rivalry between the two exchanges has been going on for months, although most of the crypto community attributes the difference to the meme coin PEPE.
Interest in DeFi Exchanges Increases!
Increasing regulatory pressure and bankrupt central crypto institutions around the world are fueling interest in DeFi exchanges. After the collapse of the FTX stock market last November, users turned to decentralized finance platforms. After the negative developments, Uniswap came to the fore.
According to Dune Analytics data, a total of $73 billion in transactions were recorded on the Uniswap exchange during March.