Profits are made by DeFi platforms notwithstanding demise of FTX and CEX
Both institutional and ordinary investors are unsure about whether they should maintain their money on centralised exchanges in the wake of the FTX crash. The conundrum has significantly increased the use of DeFi technologies and decentralised exchanges (DEXs).
Other DeFi news includes the active use of black market identities by cryptocurrency scammers to evade detection. With the introduction of its new v5 router, DeFi protocol 1inch hopes to reduce gas expenses.
Following the FTX collapse, DEX platforms and DeFi protocols saw some growth. According to a recent research from Delphi Digital, volume on DEX platforms increased by 24% after the collapse of FTX.
Like the rest of the cryptocurrency market, the DeFi market is still getting over the turbulence caused by the FTX collapse. With a few exceptions, the majority of the top 100 DeFi tokens traded in the red during the second week.
Users are trading in record numbers due to the unpredictable cryptocurrency market and the shift away from controlled exchanges (CEXs). The daily trading volume of perpetual exchanges hit $5 billion, according to statistics from Token Terminal, which is the greatest daily trading volume since the meltdown of Terra (LUNA) and TerraUSD (UST) in May 2022.
Some on-chain data points are intriguing to watch one week after the aftermath of the FTX and Alameda crisis. Despite the exchanges losing record amounts of Bitcoin and Ether (ETH), not all DApps and protocols have grown, primarily because of their reliance on FTX and Alameda.
News Summary:
- Profits are made by DeFi platforms notwithstanding demise of FTX and CEX
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