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Uniswap Emerges as Top Ethereum Protocol in 2023, Reveals Coinbase

Coinbase unveiled its findings on Jan. 4 via X, positioning Uniswap at the forefront of Ethereum’s blockspace, marking a staggering 43 million transactions and utilizing 7.4 trillion gas—a commanding 4.5 times more than the second-ranked protocol.

Introduced in 2018 by Hayden Adams, previously a Siemens mechanical engineer, Uniswap operates on the Ethereum platform using the Solidity programming language—a favored choice among decentralized finance (DeFi) projects. Its offering allows users to provide liquidity to pools and trade decentralized tokens in various pairs, spanning native crypto-to-crypto and crypto-to-stablecoins.

What sets Uniswap apart is its open-source nature, inviting contributions from a diverse community, amassing over three million unique senders since its inception.

The report continues with Tether as the second-most utilized protocol, observing 33.6 million sends across 6.2 million unique addresses, cementing its significant presence within Ethereum’s ecosystem. Following closely are Opensea, Metamask, and 1inch.

Highlighting the landscape, the aggregator 1inch emerges as the most used project, while the relatively new entrant in 2023, Banana Gun, boasts 1.5 million swaps, securing the ninth spot on the list.

Additionally, Coinbase’s Director referenced Dune analytics, compiling the top 20 individual contracts, with Uniswap dominating the first three spots—a testament to its prevailing influence and traction within the Ethereum network.

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