Market data collected by The Block Research shows that, for the first time, Uniswap's monthly trade volume exceeded that of crypto exchange Coinbase.
During September, Uniswap saw approximately $15.4 billion in volume — making up 65% of the total reported by DEXs for that month, which was $23.5 billion.
By comparison, Coinbase reported $13.6 billion in monthly trade volume.
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%.