With the popular exchanges breaking down to nuts, a competitive platform dYdX attracted huge volume
The native token DYDX also has spiked heavily since then, intending to reach the levels beyond the crucial resistance very soon
As the centralized crypto exchanges fume, the decentralized, DeFi protocols are gaining huge popularity. Data front the popular analytic platform Nansen suggests a huge jump in the DeFi protocols in the past seven days. Some have recorded a double growth as the FTX exchange collapsed, like the dYdX decentralized exchange.
In the times when the DeFi space has been witnessing a steep decline, dYdX registered a huge growth with a 99% increase in user volume and a 136% jump in transaction volume. Moreover, the native token DYDX also registered a magnificent rally of more than 75% jump at the moment. On the other hand, Aave, a decentralized lender, also experienced a 70% jump in users and a 99% increase in transaction volume.
On the contrary, centralized exchanges have been witnessing huge outflows. Binance, the leader of the CEX, reported the largest net flow of nearly $1.44 billion in the past 7 days. Okex followed the leader to register a NetFlow of $1.24 billion, while the popular exchange FTX’s Netflow is reported at $900 million and Kraken’s at $586 million.
After the FTX collapse, there was a huge outflow of Bitcoin getting away from the exchanges. As per Glassnode, the BTC withdrawal of 72.9K BTC marked the 4th biggest level in recent years.
Collectively, the DeFi space which had faded away is speculated to gain momentum as the tripping of the centralized exchanges may have agonized the market participants. The significant outflows are no doubt pointing towards a lack of user confidence and trust in holding their funds on the centralized exchanges.
Hence, it is believed that the FTX collapse has brought the decentralized-DeFi space into the mainstream, where one can expect wider adoption and acceptance in the coming days.
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