in

MDEX is the New DEX King

Currently ranked the top DEX on CoinmarketCap the new young decentralized exchange MDEX has grabbed more than one third of the DEX market share with a 24 hour trading volume of over USD 2 Billion at the time of this writing.

Having just launched last month on January 19, 2021, these statistics are astounding. How did such a new decentralized exchange manage to capture such a huge chunk of the market share and merge ahead of leaders like Uniswap, Pancakeswap and Sushiswap?

What is the secret ingredient?

DEX Environment is Growing Strong

Well for one thing, the DEX environment has in general been growing strong since 2020. The interest in decentralized finance that began last year has not slowed down and an increasing number of leading DEXes now consistently boast 24-hour volumes of over USD 1 Billion, rare occurrences in 2020.

This signals rising interest in DEX trading despite the seemingly wacky and food-centric culture that thrives in DeFi, as projects named after sushi, cake, yam or bakery have come exploding in popularity almost overnight. Will this interest last, that seems to be the question on everybody’s mind.

When one looks at the DeFi offerings in the space — DEXes for trading, lending, insurance, stable coins, derivatives, aggregators and more, it is clear there is a serious movement towards offering up decentralized financial alternatives to traditional centralized financial services. And the numbers paint an even clearer picture. Currently the DeFi TVL (Total Volume Locked) now sits above USD 56B across the different ecosystems. Just on the Ethereum chain alone, MakerDAO, the leading decentralized USD-pegged stablecoin Dai, has a market value of USD 6.3 billion; Aave, the leading lending company has a market value of USD 5.03 and Uniswap, the leading DEX has a market value of USD 4.1 billion.

Source

This post was created with our nice and easy submission form. Create your post!

What do you think?

Posted by Bit Media Buzz

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

3 reasons Bitcoin recovered by 8% overnight

This pisses me off: Article states that “Bitcoin Risks ‘Spiraling Price’ on Environment, Regulatory Concerns”