Follow us on Youtube.  | Follow Website !

Search Suggest

Posts

ETH-based DEXs witnessed a surge in trading volume

According to data from Ethereum Dune Analytics, decentralized exchanges (DEX) on ETH have just recorded the highest monthly trading volume.

DEX on ETH has just recorded the highest monthly trading volume

DEX on ETH has reached the highest monthly record in February 2020. Exchanges have processed more than $ 372 million in trading volume, 62% higher since January 2020. February volume has surpassed the all-time high of $ 358 million in July 2019. In 2019, trading volumes of more than $ 2.3 billion were recorded on decentralized exchanges based on ETH.

gia-eth

Monthly DEX volume and ETH price Source: Duneanalytics

Notably, transaction volume growth is correlated with ETH price increases. In February 2020, ETH / USD increased by 15%, nearly 73% higher than the beginning of the year.

February is the DEX's all-time highest month based on ETH, with $ 372 million traded – a little higher than the previous record since November. highly correlated with ETH price.

Over the past 24 hours, DEXs have recorded more than $ 16 million, representing only a very small fraction of the total cryptocurrency trading volume ($ 247 billion at the time of writing). However, this number has increased steadily with a 21% increase in 7 days.

Decentralized finance is fast growing, mostly confined to the applications it runs on ETH

Although DeFi Pulse has not yet ranked each active DeFi dApp, a quick glance at the rankings shows that dApps on ETH are dominant.

Dependence on ETH is one of DeFi's most serious vulnerabilities. The slow network and stablecoin transactions take up most of the bandwidth, making it easy to get stuck. However, the challenge for DeFi developers working on other blockchains is that they do not have the same user base and are accepted as ETH.

Interoperability is the key to DeFi development beyond the ETH Blockchain. DApp DeFi can operate on multiple platforms offering the potential to create a thriving ecosystem across the Blockchain space. It also means that developers can take advantage of the speed and flexibility of other blockchains while continuing to participate in the vibrant DeFi community.

Since the beginning of 2020, KNC has increased its prices by nearly 400%.

There are a number of protocols available, dApps can interact and we have the right to expect more. But not all efforts achieve the same thing.

The KNC Network seems to be familiar to everyone in the DeFi space as a ETH-based liquidity protocol. However, the team at KNC has also implemented their swap protocol on other blockchains, including EOS and TomoChain.

However, KNC Waterloo's proposal appears to be the project's most promising breakthrough for true interoperability. Currently, with the concept verification phase, KNC Waterloo aims to allow tokens to be swapped between ETH and EOS networks.

KNC claims the upgrade will bring greater liquidity and volume across the KNC network, allowing projects to use KNC as an endpoint on the chain that best suits their needs.

One of the essential improvements in the Katalystal upgrade will be the option of staking some KNC tokens to earn profits for users. The mechanism, called Google's betting mechanism, uses tokens to authenticate transactions. In addition, staking will reduce the number of unallocated KNC tokens, which will help improve market value.

Another important development is the implementation of KNC's Decentralized Autonomous Organization (DAO), also known as KNCDAO. The algorithm will allow users to gain administrative rights over the network, allowing users to make necessary network discussions and gain broad consensus. Decisions can include a list of tokens on the KNC exchange, fair use of fees collected, as well as funding approvals.

Meanwhile, KNC's KNC token has a remarkable start in 2020, with a price increase of 400% by the time of writing. On January 1, 2020, the KNC token exchanged $ 0.18. Currently, the price of KNC has reached $ 0.63 and a peak of $ 0.97.

While much of DeFi's activity is happening on ETH, it's foolish to think innovation doesn't happen elsewhere. Interoperability helps solve this by providing a common platform on which all blockchains can communicate.

Opening this door will be a reward not only for cryptocurrency users but also for ETH itself.

You can see the price of KNC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

Follow AZCoin News

Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page

Crypto loans are only from 5.9% annual interest rate – you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →

Post a Comment