• Bitwise predicts that Uniswap will overtake Coinbase in trading volume in Q3 of 2023.
• Uniswap has seen an increase in unique users and fees generated, however the pool value and active users have fallen.
• Data from various analytics platforms supports this prediction as Uniswap has taken up 65.7% of the market share in terms of volume and the number of unique users have increased by 44%.
Uniswap, a decentralized exchange (DEX), is on its way to overtake Coinbase in terms of trading volume, according to a recent prediction made by Bitwise. The prediction is that Uniswap will become the dominant trading platform in Q3 of 2023. The prediction is based on the fact that Uniswap has already managed to overtake Coinbase in the past.
In November 2022, after the FTX debacle, many people in the crypto community had lost faith in centralized exchanges (CEXs) and have moved on to DEXs. During this period, Uniswap witnessed a high activity. However, soon after that, Coinbase regained the top spot against Uniswap.
Data from various analytics platforms supports this prediction from Bitwise. For example, in the DEX arena, Uniswap had taken up 65.7% of the market share in terms of volume. This is a sign of Uniswap’s increasing popularity. Additionally, the number of unique users on Uniswap has also increased by 44% over the last month. This spike in the number of unique users has also helped to generate fees for Uniswap, as the fees generated by Uniswap increased by 89.2% over the last week.
However, there has been a decline in the pool value of Uniswap, according to data from Dune Analytics. This could be a sign of decreasing interest from liquidity providers, as well as a decrease in the number of active users on Uniswap. But, despite this decline, Uniswap is still expected to overtake Coinbase in terms of trading volume in Q3 of 2023.
Overall, the prediction from Bitwise that Uniswap will overtake Coinbase in trading volume in Q3 of 2023, is supported by data from various analytics platforms. Uniswap has taken up 65.7% of the market share in terms of volume and the number of unique users has increased by 44%. Additionally, fees generated by Uniswap have also increased by 89.2%. However, there has been a decline in the pool value of Uniswap and active users, but this is not expected to impede Uniswap’s growth in the future.