August Uniswap trading volume reaches 140 million, overtaking the Cboe BZX...

DEX Uniswap August trading volume over US equities two platform total

On September 25, BlockBeats reported that ARK analyst Lorenzo Valente said Uniswap completed about 140 million transactions in August this year, more than both Cboe BZX and NYSE American combined. As the decentralized trading platform in the Ethereum ecosystem, Uniswap is a direct contrast to traditional U.S. equity trading platforms on this scale, indicating that on-chain trading activity has been quite large.

Changes in monthly activity from 2 million to 140 million: Uniswap

Launched in 2018, Uniswap allows users to exchange assets through the smart contract trading pool, without relying on traditional order book syndication. According to Lorenzo Valente's comparison, five years ago, Uniswap monthly transaction volume was only about 2 million pesos; by August of this year, that number had reached approximately 140 million pesas [2].

This change reflects a significant increase in on-chain trading activity over the past few years. For readers, an increase in transaction numbers does not necessarily represent a larger amount of each trade or directly equate to increased agreement revenue or asset size; it more closely reflects frequency of participation, market making activities and behaviour on crypto arbitrage , as well as how active the markets have been for some time.

Why can't it be more than the traditional platforms?

Of the two platforms being compared, NYSE American has been in operation since 1908 and is affiliated with the New York Stock Exchange; Cboe BZX is an important platform for trading United States stocks and ETF . Traditional financial market transaction volumes are usually generated jointly by brokers, market makers, high-frequency trading systems and institutional orders. The corresponding asset classes, settlement rules and participant structures behind individual transactions differ from those of on-chain .

As a result, Uniswap completed approximately 140 million transactions in August of this year and outperformed both Cboe BZX and NYSE American combined. It is better suited to be used as a horizontal observation for measuring trading activity rather than a direct indicator that measures the two market capitalisations, transaction volumes or compliance depths.

The next step: getting closer to the NYSE Arca

According to Lorenzo Valente, the next stage in which Uniswap needs to catch up is NYSE Arca with about 232 million transactions completed in August. Looking at this target, there's still a gap from higher volumes of Uniswap but it also shows its growth trajectory: From a low base after launching in 2018, to around 140 million pennies by August this year and then to traditional platforms that need to catch 222 million, on-chain trading infrastructure is being incorporated into broader discussions on market activity.

For readers of the crypto market, this means that Uniswap is no longer just a trading instrument within the circle of DeFi , and its transaction volume has begun to form a narrative comparable to traditional US equity trading platforms. It remains to be seen whether on-chain 's trading activity can keep growing while improving in tandem with more robust metrics such as trade size, user retention and agreement revenue.