<p>Market data collected by The Block Research shows that, for the first time, Uniswap's monthly trade volume exceeded that of crypto exchange Coinbase. </p> <p>During September, Uniswap saw approximately $15.4 billion in volume — <a href="https://www.theblockcrypto.com/linked/79715/decentralized-exchange-volume-september" target="_blank" rel="noopener noreferrer">making up 65%</a> of the total reported by DEXs for that month, which was $23.5 billion.</p> <p>By comparison, Coinbase reported $13.6 billion in monthly trade volume. </p> <div id="attachment_79776"class="wp-caption alignnone" style="max-width: 1163px;"><img class="has-caption wp-image-79776 size-full" src="https://www.tbstat.com/wp/uploads/2020/10/coinbase_vs_uniswap.png" alt="" width="1153" height="710" /><p class="wp-caption-text"><em>Source: Dune Analytics, CryptoCompare</em></p></div> <p>In another chart compiled by The Block's Mika Honkasalo, the DEX-to-CEX ratio rose to 13.9% in September, a new high. In August, that ratio was 6.06%.</p> <div id="attachment_79779"class="wp-caption aligncenter" style="max-width: 1183px;"><img class="has-caption wp-image-79779 size-full" src="https://www.tbstat.com/wp/uploads/2020/10/dex_spot-1.png" alt="" width="1173" height="707" /><p class="wp-caption-text">Source: Dune Analytics, CryptoCompare</p></div>