• Decentralized exchanges and derivatives markets like Uniswap and dydx experience a surge in trading volume and fees.
• However, the tokens of both these protocols do not see much growth. Whale interest and price witness a decline.

The crypto community’s trust in centralized exchanges has slowly been declining over the last few months. The decline in interest in these CEX’s was kickstarted by the fall of FTX and has been exaggerated by SEC’s lawsuit against Coinbase and Binance.

Due to this, many users have been moving to decentralized solutions for their needs.

Is your portfolio green? Check out the dydx Profit Calculator

Is the future decentralized?

Token Terminal’s data revealed a significant surge in trading volume within the decentralized derivatives market and exchanges. Uniswap and dydx emerged as the primary facilitators of this increased activity and volume.

The surge in trading volume on the dydx protocol can be attributed to the substantial growth in unique addresses on the network. Artemis’ data highlighted a material increase in the number of addresses in recent weeks, contributing to dydx’s overall growth.

This surge in volume could further translate to increased revenue for dydx, as indicated by Token Terminal’s data. This indicated an 84.9% increase in fees generated by the protocol in the past week. However, the Total Value Locked (TVL) on the protocol experienced a 4.1% decrease during the same period.

Go to Source to See Full Article
Author: Himalay Patel

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details