Share this article
Uniswap Topped Coinbase’s Trading Volume in March During USDC Depeg, U.S. Crackdown
The DEX, however, has been unable to maintain elevated periods of trading volumes in the past, CCData noted.
Updated Apr 6, 2023, 6:08 p.m. Published Apr 6, 2023, 5:56 p.m.
Uniwap topped Coinbase (COIN) in terms of market share last month as traders turned to decentralized exchanges (DEX) amid the U.S. regulatory clampdown and a banking crisis that caused key stablecoins to depeg from $1.
Uniswap handled more than $70 billion of trading in March, exceeding centralized exchange (CEX) Coinbase’s $49.2 billion, according to CCData (the company formerly known as CryptoCompare.) The surge coincided with overall DEX volume surging to a 10-month high.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: Crypto’s Decentralized Exchanges Had Most Volume in 10 Months Amid U.S. Crackdown in March
Coinbase was told in March the U.S. Securities and Exchange Commission (SEC) was pursuing an enforcement action.
Also, Silicon Valley Bank’s (SVB) collapse drove two key parts of decentralized finance (DeFi) – Circle Internet Financial’s USD coin (USDC) and MakerDAO’s DAI – down from their customary price of $1, prompting a flurry of DEX trading as scared investors shifted money around. Amid that crisis, Uniswap saw $13.3 billion of volume on March 11, whereas Coinbase had $1.7 billion.
CCData noted in an email to CoinDesk that Uniswap has previously seen big spikes like this during times of turmoil, only to see things quiet down – suggesting Uniswap may not maintain its lead over Coinbase, the largest U.S. exchange.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
