“Not your keys, not your coins” – Ethereum traders and Crypto Users
Ethereum volumes for the ETH/USDT pair on Binance rose some 9.49% at $1.1 billion, per Coingecko data. Dune Analytics also reported a 178% boom in weekly ETH volumes on DEXs like Uniswap and Curve Finance. ETH traded around $1,200 on Monday, data pulled from TradingView showed.
Ethereum users and crypto traders alike flocked to decentralized trading venues after FTX’s crash left billions in retail deposits and balances in limbo. Unlike centralized exchanges (CEX) where third-party custodians – the exchanges themselves like Binance and Coinbase – store user assets, decentralized exchanges (DEX) like Uniswap offer a trading venue and access to liquidity.
DEX users maintain greater custody of their digital tokens via web3 wallets like MetaMask and other self-custody solutions.
Binance CEO Changpeng Zhao – like other prominent crypto proponents – stressed the need for self-custody in the wake of FTX’s collapse. “Not your keys, not your crypto”, the so-called rallying cry for DeFi proponents pushing for greater decentralization and transparency in crypto.
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