The number of daily users of Ethereum-based decentralized crypto trading platforms has reached 72 thousand after a long period.
Experts attribute the increasing interest in DEX exchanges to the bad developments in the past and the popularization of joke-themed cryptocurrencies.
The transaction volume, especially on the decentralized giant crypto trading platform Uniswap, exceeded $ 1.5 trillion. According to data from market tracker Dune Analytics, the total value of crypto assets locked on the DeFi platform is around $4 billion.
The Uniswap Protocol has officially passed $1.5T in trading volume 🚀 pic.twitter.com/Fjd8IP7ngc
— Uniswap Labs 🦄 (@Uniswap) April 24, 2023
According to data from The Block, the number of daily users on Ethereum-based decentralized exchanges has reached the highest level since the end of 2021.
Why Decentralized Exchanges?
The owner of Twitter, the famous billionaire Elon Musk, has changed the logo of his site with a dog image that is associated with Dogecoin in the past few weeks. After the event, astronomical rises occurred in most meme tokens.
Although DOGE and SHIB have regressed to their previous levels, the bullish movement continues in meme tokens with relatively small market caps. For example, the PEPE token, which was listed on some central exchanges such as Gate on April 17, was valued 7 times in a week.
According to experts, investors flock to DEX platforms to buy such meme coins before they are listed on major exchanges.
Another, and indeed the most important, reason is the sanctions imposed by the US regulatory agencies on major central stock exchanges. The SEC and CFTC's threats to exchanges such as Coinbase, Kraken and Binance have led investors to decentralized exchanges.
You can reach JPMorgan's report on the subject in the following news:
