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Uniswap does a third of Coinbase volumes while “Tendies” tokens surge

A day in DeFi land is a week in crypto; and even that’s saying something. Decentralized exchange (DEX) Uniswap posted record volumes on Friday, with some rather amusing (and dubious) sounding tokens like “Tendies” contributing to some of that interest.

More than Gemini, Poloniex, and Binance U.S.

Launched 2018, Uniswap is a smart contract protocol that allows for a wholly automated token exchange on Ethereum. But even though the exchange is nearly two years old, it’s newfound popularity came only this year as the DeFi space attracted major retail, and institutional, interest.

And now, it’s already eclipsed some of the top crypto-exchanges in the U.S., in terms of daily trade volumes. Ex-Messari product lead Qiao Wang tweeted yesterday that Uniswap’s volume surpassed those of Binance U.S., Gemini, and Poloniex — combined:

Uniswap did $126M volume last 24 hours. This is 1/3 of Coinbase. 1/2 of Kraken. More than Gemini, Polo, and Binance US combined. Pretty incredible TBH. — Qiao Wang (@QWQiao) July 31, 2020

The exchange did over $155 million in total volume Friday. Compared to that, Gemini did $51 million, Poloniex did $56 million, and Binance U.S. did a paltry $38 million, as per data from CoinGecko.

Interestingly, Uniswap’s figures show the DEX reached a staggering one-third of the volume that Coinbase, with $563 million, did on July 31, and half of Kraken’s $$330 million. Both are U.S. powerhouses for crypto trading known for their regulatory-first approach to digital assets and attracting an elite clientele.

Much of this volume can be attributed to the current DeFi frenzy, led by the likes of Yearn.Finance (YFI), Synthetix (SNX), and Compound (COMP). In addition, “Yield farming” — locking up assets on a certain protocol to earn interest rates of up to 1000% — has been another factor.

“Tendies” on Uniswap

The rise of Uniswap, the easy money, and the allure of making millions have already attracted some dubious pr...

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