The broader rally in global equities and cryptocurrencies has not helped the market capitalization of one of the decentralized finance market's darlings.
While Coinbase has seen its shares surge by more than 213% since the beginning of the year--supercharged by BlackRock's surprise filing for a spot bitcoin exchange-traded fund--the market cap of DeFi exchange Uniswap hasn't budged. The market cap of the DEX has held steady, hovering around $4 billion for much of the year.
Coinbase, meanwhile, has seen its market cap increase from over $7 billion at the beginning of the year to nearly $25 billion on Friday.
The Block's data dashboard shows the ratio between the two firms' market caps has surged, hitting a yearly high of 6.2 on July 13.
Coinbase rallied more than 20% on Thursday alongside the broader crypto market after a judge ruled that Ripple Lab's sales of XRP on exchanges did not violate securities laws.
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