Ethereum
Uniswap Captures 47% of Decentralized Stablecoin Volume
Stablecoin transactions drive decentralized exchange activity as tokenized stocks see increased trading on layer-2 platforms.
Uniswap generated $76.2 billion in stablecoin trading volume across its V3 and V4 protocols over the past 30 days, representing 47.2% of the $161 billion total recorded across 35 decentralized exchanges. PancakeSwap held the second position with an 8.7% market share.
USD Coin emerged as the primary source of on-chain liquidity, accounting for 52.1% of stablecoin asset volume. This activity continues to anchor decentralized finance usage across leading blockchains, with Ethereum and Solana collectively accounting for nearly half of activity on their networks.
Concurrently, tokenized equity markets are gaining traction. Total trading volume for Coinbase's tokenized stocks surpassed $2 billion on Base’s Aerodrome decentralized exchange, with Aerodrome capturing approximately $1.4 billion of the sector’s $1.5 billion in monthly volume.
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