Uniswap creator Hayden Adams expressed his excitement as his decentralized crypto exchange (DEX) managed to overtake Coinbase to become the world's second largest platform for Ethereum (ETH) trading.
A string of horrific FTX collapses has prompted investors to rush to safer platforms.
Unlike centralized platforms, DEX allows its users to trade without barriers with decentralized features and a high level of protection against production freezes or network disruptions.
In context, Uniswap managed to record $1 billion worth of ETH trading and this is a huge success for the crypto exchanger following a double jump from Coinbase's trading volume.
Currently, Coinbase is reported to have accounted for $0.5 billion in ETH trades while Uniswap accounted for $0.9 billion in the last 24 hours.
While the largest crypto exchange platform Binance comfortably leads by contributing more than $1.7 billion.
Not only has ETH trading surged since the FTX crisis, but all crypto trading on the DEX earned $31 billion last week with a trading volume of $20.3 billion.
The increase is said to come as many exchanges posted a doubling in trading volume, including Curve from $700 million to $1.3 billion. Uniswap traded more than three times during the period.
