Coinbase Expands to DEX Trading Amid Spot Revenue Slide

• Coinbase introduces decentralized exchange (DEX) trading for users in the UK, Germany, and the Netherlands via multiple networks including Base.
• The move seeks to counter declining revenues and position Coinbase as a comprehensive trading platform.

On August 9, 2025, The Block reported that Coinbase launched decentralized exchange (DEX) trading for users in the UK, Germany, and the Netherlands. The company powers this new feature with its on-chain router across multiple networks including Base. Users can now trade thousands of digital assets directly from the Coinbase app, which expands the platform's offerings beyond its current 200 tokens. This strategic rollout addresses a decline in spot trading volumes and aims to position Coinbase as a comprehensive "everything exchange."

The integration allows users to trade assets not listed on Coinbase’s centralized exchange by streamlining access to decentralized exchanges like Uniswap and Aerodrome. As a result, users benefit from advanced trading capabilities directly within the Coinbase app and no longer need to navigate external platforms. Coinbase’s DEX feature also supports Solana to capitalize on its robust token launch activity, a move that is part of the company's push to enhance accessibility and user experience across multiple networks.

Coinbase faces mounting competition from platforms like Kraken and Robinhood, which offer broader token selections and attractive fee structures. Therefore, the company's entry into the DEX market is a calculated move to capture new revenue streams and boost engagement with both casual and advanced traders. This development supports Coinbase’s broader vision to expand into NFTs, dapps, and tokenized real-world assets, and these initiatives are designed to reinforce its leadership position within the decentralized finance (DeFi) ecosystem.

Currently limited to users in the UK, Germany, and the Netherlands, this launch represents Coinbase's measured foray into DeFi. The company is leveraging its growing Base ecosystem to enhance liquidity and total value locked (TVL), thereby bridging centralized and decentralized markets. The existing Solana integration will further capitalize on high-frequency token launches, enabling the real-time trading of newly minted assets. Through these initiatives, Coinbase not only addresses declining spot trading volumes but also adapts to evolving regulatory dynamics and strengthens its alignment with decentralized financial innovation.

Market data from August 9 showed Ethereum (ETH) trading at $2,912.87, with its 24-hour price down 2.5%. Meanwhile, Solana (SOL) was priced at $144.15, a decrease of 3.1% over the same period. Other relevant tokens also saw movement, with Uniswap (UNI) trading at $7.55 on a 1.2% increase and Aerodrome Finance (AERO) valued at $1.06, reflecting a 5.3% decrease.