Few used decentralized exchanges in 2017 and 2018. Then, Ethereum and crypto traders found them a hassle to use, with it often being complicated to transact tokens, especially when factoring in an illiquid order book. This writer personally avoided DEXs at all costs, opting to stick with centralized platforms to avoid any difficulty.<\/p>\n
This has changed though with the introduction of Uniswap. The decentralized exchange has revolutionized decentralized exchanges in two ways: 1) it has a modern UI with charts, trade information, and strong liquidity, and 2) it has an automated market maker model that means there isn't an order book to deal with.<\/p>\n
Uniswap has seen a vast spike in adoption over recent weeks due to the ongoing craze in decentralized finance where there are popular tokens being listed left and right.<\/p>\n
Trader “CL” noted that Aug. 31 was the second day in a row where the volume on Uniswap<\/a> surmounted that seen on Coinbase<\/a>.<\/p>\n The analyst sees<\/a> this as an opportunity for Ethereum, which Uniswap is based on, to accrue more value:<\/p>\n “Second day in a row where Uniswap volume > Coinbase. This month, multiple DEXes like Curve, 1inch, Balancer, also have volume on par with big exchanges like Kraken, Bitstamp, Gemini, etc. Most of these CEXs have multi-billion valuations. ETH is still sub-50B mktcap.”<\/p><\/blockquote>\n Second day in a row where Uniswap volume > Coinbase.<\/p>\n This month, multiple DEXes like Curve, 1inch, Balancer, also have volume on par with big exchanges like Kraken, Bitstamp, Gemini, etc.<\/p>\n Most of these CEXs have multi billion valuations. <\/p>\n ETH is still sub 50B mktcap.<\/p>\n — CL (@CL207) August 31, 2020<\/a><\/p><\/blockquote>\n\n