Uniswap Recorded Trading Volumes Higher Than Gemini, Bittrex...
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Uniswap Recorded Trading Volumes Higher Than Gemini, Bittrex, and Poloniex

The trading volume recorded by Uniswap, an Ethereum-based decentralized cryptocurrency broker and exchange, was more than the aggregated volume on both Gemini and Poloniex platforms.

Between July 31 and August 1, Uniswap handled trading volumes of about $108 million, which is two times what renowned and long-established traditional exchanges handled. 

Over the same period, Gemini, Bittrex and Poloniex recorded only $46 million, $71 million and $56 million in trading volumes, respectively. Once upon a time, traders were only able to buy ETH on Poloniex exchange.

Interestingly, only one trading pair recorded more volumes on Uniswap than the aggregated volume of all trading pairs on other exchanges aforementioned. In recent times, there has been a somewhat crash in Ampleforth (AMPL) but its trading volumes have surged, with the ETH/AMPL trading pair paying the highest amount of total fees of $165k over the same period.

Based on data from Dune Analytics, the aggregated trading volume recorded on the platform of all decentralized exchanges last month was at its second consecutive high. It was $1.52 billion in June and it rose by 174 percent to $4.32 billion in July. The previous highs were approximately $932 million and $1.05 billion attained in May and March, 2020 respectively.

Interestingly, 41 percent of the $4.32 billion trading volume in July came from Uniswap, on which there is traders’ speculation on a variety of assets. In July, the four platforms that recorded volumes higher than in June included Uniswap, Curve, Balancer and Bancor Network.

Traders have the opportunity to add any trading pair on Uniswap with no order book unlike Gemini or all these other traditional exchanges. Therefore, the price is set by the distribution of the assets in the pool as the exchange of assets happens on the basis of an algorithm known as the Constant Product Market Maker Model.

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