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Trading volumes on DeFi exchanges are skyrocketing

Nov 15, 2022
Trading volumes on DeFi exchanges are skyrocketing
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Following the announcement of the Binance team to buy the FTX exchange, the volume of purchases on some DEXs has increased significantly. For example, on Uniswap, the figures increased by more than three times. If initially the volume was $1.3 billion, it soared to $20.9 billion after the release of the news. Also, the Curve platform doubled its performance, changing daily volumes from $700 million to $1.3 billion.

The collapse of FTX also had a positive effect on smaller DeFi platforms. According to Dune, $5.3 billion worth of assets were placed on the 1Inch DEX aggregator per day.

Analysts attribute the sudden rise in DEXs to the fact that users are trying to secure their funds and prevent the risks, associated with centralized firms.

The main advantage of DEX is self-storage of assets and possession of private keys. That is, the third party does not have access to your funds.

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