Bitwise data indicates Uniswap narrowed the gap in 2025 before Coinbase reasserted a wider lead in trading activity.
Coinbase maintained higher trading volume than Uniswap, and the gap widened through Q1-Q2 2026. Bitwise data cited in the post shows Uniswap briefly closed the gap in 2025 before Coinbase pulled ahead again. The comparison highlights the continued competition between centralized exchanges and decentralized trading venues, with volume trends often used as a gauge of where market activity is concentrating.