The popular decentralized exchange (DEX) Uniswap (UNI) has deeper liquidity in several important crypto trading pairs than even the largest centralized exchanges such as Binance and Coinbase, according to a new study, co-authored by Dan Robinson, head of research at crypto investment firm Paradigm, as well as Gordon Liao who is a researcher at Uniswap.
On the popular trading pair ethereum (ETH) against US dollars (USD), Uniswap had 2 times more liquidity than both Binance and Coinbase, the study said. For ethereum against bitcoin (BTC), Uniswap’s liquidity was 3 times deeper than Binance and an impressive 4.5 times deeper than Coinbase.
“The Protocol’s greater market depth demonstrates that crypto-native [automatic market maker – AMM] market structure can surpass order-book exchanges and transform traditional financial market structure to be more liquid, stable, and secure,” the decentralized exchange wrote in a comment on Twitter.
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