Uniswap Overtakes Coinbase as Second-Largest Exchange Trading Ethereum Today

Traders are flocking to decentralized exchanges (DEXs) in the wake of FTX’s sudden, catastrophic implosion. 

One DEX, in particular, has risen overnight to become the world’s second-largest venue for trading Ethereum: Uniswap. 

Uniswap inventor Hayden Adams shared the news on Twitter today, citing analysis by Nansen CEO Alex Svanevik. 

DEXs let customers trade crypto while retaining full control over their funds, unlike centralized platforms, providing a greater level of protection against withdrawal freezes or network outages. 

At the time of tweeting, Uniswap had hosted north of $1 billion in Ethereum trades in the last 24 hours, nearly double the volume of Coinbase, the second-largest centralized exchange (CEX) in the world by total trading volume. 

The numbers have since fallen, although Uniswap continues to pip Coinbase, according to data from CoinGecko. 

Currently, Coinbase accounts for $564,937,971 worth of Ethereum trades in the last 24 hours, while Uniswap accounts for $966.17 million. 

Binance continues to be the clear leader in this category, accounting for over $1.7 billion across all its Ethereum trading pairs.  

Uniswap, DEXs take center stage

It’s not just Ethereum trades that have spiked since FTX’s collapse. 

All DEXs accounted for $31 billion of crypto trades over the last week, according to statistics by Dune. Of that number, Uniswap alone hosted a whopping volume of $20.3 billion over the same period. 

FTX Attacker Still Owns Altcoins Worth $338 Million

A day after FTX filed for bankruptcy, the firm’s hot wallets were drained by hackers, walking away with nearly $650 million in altcoins. Now, after various bridgings and on-chain chicanery, the attacker is left with holdings of more than $367 million across various major blockchains.  The attacker laundered proceeds using decentralized exchanges (DEX) and cross-chain bridges, reported blockchain intelligence firm Arkham Intelligence. A total of almost $20 million in PAXG was frozen across the a...

The spike began last Tuesday when many exchanges posted an overnight doubling in trade volumes, including Curve, which went from $700 million to $1.3 billion. Uniswap trades more than tripled over the period. 

That was the same day Binance announced it had signed a non-binding agreement to bail out FTX for an undisclosed amount.