Decentralized exchange (DEX), Uniswap, topped centralized exchange Coinbase (COIN) in trading volume in April, the fourth consecutive month that it has surpassed Coinbase, according to data provided by CCData.

Uniswap’s trading volume climbed above Coinbase’s in February, and although both exchanges' volumes have declined since then, Uniswap has remained ahead of Coinbase. Uniswap is a DEX that runs on the Ethereum blockchain.

Uniswap handled some $37 billion trading in April, compared to March, when it handled over $70 billion. Coinbase saw $34 billion worth of trading volume on its exchange in April, versus $49 billion in March.

The depeg of USDC in March alongside other stablecoins was a large factor in Uniswap's rising trading volume, according to Jacob Joseph, research analyst at CCData. "Traders turned to on-chain trading venues during this period of uncertainty," he wrote in a note to CoinDesk.

"As the largest decentralised exchange, Uniswap was well placed to take advantage of decreased market liquidity and increased regulatory focus on centralised exchanges," Joseph wrote.

Bitcoin and ether have also witnessed price recoveries since the start of the year, which helped bolster market sentiment and renew interest in decentralized finance applications, Joseph added.

Uniswap Coinbase Crypto Exchange

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.