How Uniswap wants to win the competition with Coinbase and Binance

The largest decentralized exchange in the DeFi sector has started major expansions. In an interview at the Messari Mainnet conference in New York, Uniswap Labs COO Mary-Catherine Lader told all at decrypt. “We have several new products in mind to grow Uniswap’s market share,” said Lader.

Big boss in DeFi world

In terms of trading volume, Uniswap cannot yet compete with Coinbase and Binance, but they are the boss in the decentralized world. With a trading volume of $1.12 billion on the Ethereum mainnet, Uniswap is a giant among decentralized exchanges. At the time of writing, Uniswap accounts for approximately 60 percent of the market.

When we move to the centralized world, that picture changes. There, for example, Binance writes a trading volume of $12.6 billion for the past 24 hours. A number that they can only dream about at Uniswap at the moment. The top priority at Uniswap right now is to close the gap with centralized competition.

NFTs must come to the rescue

The Uniswap team sees NFTs as a way to get closer to centralized competition. To reinforce those words, Uniswap has Labs. bought NFT aggregator Genie in June. “We are very excited about the potential of the NFT sector to get more people into crypto, to get people started trading […] We hope to make Uniswap a so-called one-stop-shop for digital assets,” said Lader about the ambitious plans of the decentralized exchange.

Of course, Uniswap has competition from the centralized guys in this area too. Think, for example, of exchanges such as Binance, Coinbase and Kraken that recently also started offering NFTs. Not with great success, by the way, because Coinbase’s NFT marketplace is not running the trading volumes they had hoped for. The marketplace launched in April and had traded just $2.9 million worth of NFTs by July.

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