The ban on cryptocurrencies by the Chinese government did hit the crypto space hard. Meanwhile, reports suggest that investors and traders are flocking towards the DeFi world. And the user base of De-Fi could swell drastically in the coming days. The Chinese trading communities are set to learn about decentralized finance.
Consequently, this gives us a broader picture of the shift towards a decentralized economy. Blockchain technology and its underlying principles are garnering avid interest in the world of trading. Meanwhile, FTX registrations may also be on the rise. As the registration link is being circulated in the Chinese community.
The Rise of DyDx Amidst Crypto Crackdown
The dydx is a decentralized derivatives exchange. It is witnessing a surge in trade activities, amidst concerns over the Chinese crypto crackdown. The DEX has processed more volume than Coinbase exchange for the first time since inception.
In addition, dydx is doing more than twice the volume of Uniswap. At about 1/13th of the market cap. While Sushiswap, Uniswap amongst others are also following similar suit. The DEX is trading at $21.27, with gains hovering around 51.6%. dydx has been receiving over $4.3 billion worth of trades for the past 24-hours at the press time.
Why Choose DyDx?
The platform hosts numerous perks for users, which are as follows:
- Backed by global investors including angel investors and leading funds. Some of which are Andreessen Horowitz, Paradigm, Polychain, among others.
- Claims of being the fastest and most powerful DEX ever.
- Underrated platform with high potential.
- About 90% of the coins are locked until March of 2023.
Summing up, the De-Fi space is gaining impressive popularity among investors and traders in the world’s most populous country. We can expect the space to surge higher. As the circumstances with cryptos dwindle in the East Asian country. On the contrary, other DEX might also buckle up. As dydx now holds 35% of the total trading volume of all DEX.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.