Uniswap’s spot market cap has once again surpassed Coinbase, surpassing $70 billion for the first time since January 2022.
Coinbase’s trading volume lagged behind decentralized platform Uniswap for two consecutive months. Spot market volume on Uniswap reached $71.6 billion in March, 45% higher than Coinbase’s, according to data from The Block Research. Thus, March was the decentralized exchange’s best month in terms of volume since January 2022.
Coinbase Trading Volume Is Falling
Coinbase stated in its weekly market commentary that the exchange’s volume fell in the last week of March. Spot market cap on Coinbase was $49.4 billion last month.
Coinbase noted that trends in the stock market reflect the broader market, with investors focusing more on tokens and stablecoins with large market caps. “Bitcoin dominance has also increased this week as recent regulatory developments regarding the SEC and CFTC have created uncertainty in Ethereum and other altcoins,” the exchange said in a statement.
This volume surge in Uniswap came amid actions against centralized crypto businesses in the US, particularly in February and March.
Central exchange Kraken agreed in February to pay $30 million to settle the Securities and Exchange Commission charges. The charges were related to the exchange’s failure to record the offering and sale of the crypto-asset staking program as a service.
The SEC sent a Wells notice to Coinbase last month. This statement by the SEC was about the firm’s staking service, Coinbase Earn and Coinbase Wallet.
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