Even though it's still in a limited rollout, Coinbase DEX is gradually picking up steam. Since late August, trading activity has been increasing. Currently, it sees a daily trading volume of around several hundred thousand dollars, with 300-600 daily active traders. This on-chain exchange, integrated within the Coinbase app, has a completely different underlying architecture compared to Binance Alpha. The front end aggregates trades from multiple DEXs, while the backend is supported by Coinbase Smart Wallet. By analyzing a single transaction that includes Coinbase Smart Wallet creation + Base DEX trading + MagicSpendWithdrawal Logs, you can identify the CSW addresses of Coinbase DEX users. So far, there are over 2,800 Coinbase DEX users in total. USDC plays a key role in Coinbase DEX, with half of the trades being conducted using USDC. Worth noting: Aerodrome's usage is lower compared to Uniswap and PancakeSwap, likely because Coinbase DEX users primarily trade long-tail assets. Data: https://(dune.com)/kucoinventures/coinbasedex