Are DeFi platforms faring better than Centralized ones like Coinbase?
The collapse of the well-established crypto exchange FTX has instilled fear in the minds of participants. Of late, they’ve been moving their funds en-masse towards self-custody wallets and decentralized platform s. As analyzed a day back, the DYDX ecosystem—as a whole—seemed to have benefitted from the ongoing crisis. The decentralized exchange’s native token has been trading at around its quarterly peak. In fact, when zoomed out and viewed, it seems like the downfall of FTX has been a boon for the entire DeFi space. Decentralized Exchange [ DEX ] volume had been in a downtrend over the past few months. Just half the way down November, the number already stands around its 4-month high. From last month’s total of $50.82 billion settled, the number is already up to $84 billion at the moment. If the same pace continues over the next fortnight, November’s aggregate number could head toward the pre-established peaks. Source: The Block The Decentralized x ...