The LCX price increases by more than 430% to establish a new ATH after the launch of DeFi Terminal 2.0
The introduction of DeFi reshaped the landscape of the cryptocurrency ecosystem that was once dominated by centralized exchanges (CEXs) such as Coinbase and Binance, helping users and projects more easily access the market.
As DeFi turned out to be a cheaper and more accessible option for investors and projects, Bitcoin and Ether stored on CEXs collapsed and they started to compete for users as more and more investors decided to try DeFi.
Rather than taking a “just centralized” approach, the LCX exchange has adapted its model to provide centralized and decentralized services. During this time, its native token LCX has reached a new all-time high (ATH).
Data from CoinGecko shows that LCX price has skyrocketed 430% since hitting $ 0.034 on Aug 21 to $ 0.1775 on Sep 18 as its 24-hour trading volume increased 700% from an average of less than $ 1 Million USD increased to 7.6 million USD.
Price table | Source: CoinGecko
The three reasons for LCX’s price increase are the release of the LCX DeFi terminal, the increase in trading volume and Total Value Locked (TVL) on Uniswap, and the expansion of the ecosystem on the LCX exchange.
LCX switches the rotary axis to DeFi
On September 17th it was LCX publication Update to the DeFi Terminal 2.0 of the protocol, also known as Fire Salamander DEX Aggregator.
According to LCX, the update aims to improve the user experience, along with an upgrade that improves gas efficiency and integrates six new decentralized exchanges (DEXs) into the interface.
Newly added DEXs include Shibaswap, Swipeswap, Luaswap, Youswap, Polyient Dex, and Emiswap, bringing the total number of integrated DEXs to 13.
Trading volume and TVL increase
The second reason for the price increase of LCX is due to the increased trading activity and the liquidity available for the token on Uniswap.
LCX 24-hour trading volume on Uniswap | Source: Uniswap
As you can see from the graph, the price increase from LCX corresponds to the increase in the 24-hour trading volume on Uniswap.
Total value in the pool of LCX locked on Uniswap | Source: Uniswap
As of September 21, the Total Value Locked (TVL) in LCX liquidity pools on Uniswap was $ 3.15 million, up 267% from $ 1.18 million on August 21.
Ecosystem expansion, listing and governance functions
Another reason for the benefits of LCX is the expansion of the ecosystem and the impending introduction of governance functions.
In the past few months, the LCX exchange has added popular altcoins to its list, including Cardano (ADA), Polkadot (DOT), Hedera Hashgraph (HBAR), and Polygon (MATIC).
At the same time, LCX founder Monte Metzger moderated a series of podcast interviews with project managers.
The interviews introduced the communities behind these tokens to the LCX ecosystem and helped explain ongoing collaborations such as the partnership between LCX and Polkadot to build its security token standard using Polkadot’s Parachain technology.
@LCX Chooses @Speckle To implement their security token standard with technical guidance from. to improve @ParityTech!
LCX wants to expand further #DEX #DeFi Aggregator “@Fire salamander“By building on Polkadot’s Parachain technology.
Continue reading – https://t.co/OHDbLs7sH2 pic.twitter.com/pSj36dMQlI
– LCX (@lcx) September 2, 2021
“LCX Chooses Polkadot To Raise Its Security Token Standards With Technical Guidance From ParityTech!
LCX wants to further expand the aggregator “FireSalamander” by building on the Parachain technology from Polkadot. “
This brought a new level of the LCX project and highlighted the fact that the exchange is fully licensed and will provide users with legally compliant access to secure token services. secret (STO). There are also plans to implement a governance token for the LCX exchange, and this is in line with the popular DeFi exchanges trend of rewarding first-time investors with governance tokens.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Market
The LCX price increases by more than 430% to establish a new ATH after the launch of DeFi Terminal 2.0
The introduction of DeFi reshaped the landscape of the cryptocurrency ecosystem that was once dominated by centralized exchanges (CEXs) such as Coinbase and Binance, helping users and projects more easily access the market.
As DeFi turned out to be a cheaper and more accessible option for investors and projects, Bitcoin and Ether stored on CEXs collapsed and they started to compete for users as more and more investors decided to try DeFi.
Rather than taking a “just centralized” approach, the LCX exchange has adapted its model to provide centralized and decentralized services. During this time, its native token LCX has reached a new all-time high (ATH).
Data from CoinGecko shows that LCX price has skyrocketed 430% since hitting $ 0.034 on Aug 21 to $ 0.1775 on Sep 18 as its 24-hour trading volume increased 700% from an average of less than $ 1 Million USD increased to 7.6 million USD.
Price table | Source: CoinGecko
The three reasons for LCX’s price increase are the release of the LCX DeFi terminal, the increase in trading volume and Total Value Locked (TVL) on Uniswap, and the expansion of the ecosystem on the LCX exchange.
LCX switches the rotary axis to DeFi
On September 17th it was LCX publication Update to the DeFi Terminal 2.0 of the protocol, also known as Fire Salamander DEX Aggregator.
According to LCX, the update aims to improve the user experience, along with an upgrade that improves gas efficiency and integrates six new decentralized exchanges (DEXs) into the interface.
Newly added DEXs include Shibaswap, Swipeswap, Luaswap, Youswap, Polyient Dex, and Emiswap, bringing the total number of integrated DEXs to 13.
Trading volume and TVL increase
The second reason for the price increase of LCX is due to the increased trading activity and the liquidity available for the token on Uniswap.
LCX 24-hour trading volume on Uniswap | Source: Uniswap
As you can see from the graph, the price increase from LCX corresponds to the increase in the 24-hour trading volume on Uniswap.
Total value in the pool of LCX locked on Uniswap | Source: Uniswap
As of September 21, the Total Value Locked (TVL) in LCX liquidity pools on Uniswap was $ 3.15 million, up 267% from $ 1.18 million on August 21.
Ecosystem expansion, listing and governance functions
Another reason for the benefits of LCX is the expansion of the ecosystem and the impending introduction of governance functions.
In the past few months, the LCX exchange has added popular altcoins to its list, including Cardano (ADA), Polkadot (DOT), Hedera Hashgraph (HBAR), and Polygon (MATIC).
At the same time, LCX founder Monte Metzger moderated a series of podcast interviews with project managers.
The interviews introduced the communities behind these tokens to the LCX ecosystem and helped explain ongoing collaborations such as the partnership between LCX and Polkadot to build its security token standard using Polkadot’s Parachain technology.
@LCX Chooses @Speckle To implement their security token standard with technical guidance from. to improve @ParityTech!
LCX wants to expand further #DEX #DeFi Aggregator “@Fire salamander“By building on Polkadot’s Parachain technology.
Continue reading – https://t.co/OHDbLs7sH2 pic.twitter.com/pSj36dMQlI
– LCX (@lcx) September 2, 2021
“LCX Chooses Polkadot To Raise Its Security Token Standards With Technical Guidance From ParityTech!
LCX wants to further expand the aggregator “FireSalamander” by building on the Parachain technology from Polkadot. “
This brought a new level of the LCX project and highlighted the fact that the exchange is fully licensed and will provide users with legally compliant access to secure token services. secret (STO). There are also plans to implement a governance token for the LCX exchange, and this is in line with the popular DeFi exchanges trend of rewarding first-time investors with governance tokens.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Other Posts
Related Posts
Latest
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
Press Release
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
