After the historic collapse of FTX, many activities in the crypto industry have been affected, however, some segments of the market like DeFi are actually doing better thanks to this event.
With a sudden increase in transaction volume, the number of new users across all Uniswap web applications has reached a peak in 2022.
On November 8, the trading volume on Uniswap more than tripled from the previous day. That was also the day Binance announced it had signed a non-binding agreement to buy back FTX for an undisclosed amount.
Smaller DeFi platforms also benefit. 1inch Network, an aggregation platform for various DEXs, confirmed gains across all of the platform’s protocols in the 24-hour period immediately prior to the announcement. Dune Analytics data indicates that 1inch Network has hosted over $5.3 billion in volume in the past week.
The growing popularity of DEXs in recent times is because it is completely non-banking, so customers must own crypto assets to use it although the customer experience is a bit more complicated. compared to centralized exchanges.
DEX, on the other hand, provides users with a self-custodial solution. That means we can keep our keys private, and unless they are compromised, assets won’t freeze and stop working.
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