Summary: Uniswap’s Ether trading volumes soared to $1.21 Billion, surpassing Binance’s centralized exchange. Over the past week, $31 billion worth transactions were made at decentralized exchange venues. As FTX’s crash unfolds further, crypto participants echo the sentiment “Not your keys and not your coins”. Uniswap, a decentralized cryptocurrency exchange, has processed more than $1.21 billion in Ethereum transactions since Monday, an increase of 80% in the last 24 hours. This means that Ether (ETH) traders prefer to use DEXs such as Uniswap […] to deploy their digital assets.
Uniswap’s trading volume for Ether soared to $1.21 Billion, beating Binance, the centralized exchange. Over the past week, $31 billion worth transactions took place at decentralized exchange venues. “Not your keys, not your coins” crypto participants echo as FTX’s crash unravels further.Decentralized cryptocurrency exchange Uniswap facilitated over $1.21 billion in Ethereum transactions as of Monday, up 80% in the past 24 hours. This means that Ether (ETH), traders and users prefer to use DEXs such as Uniswap to deploy their digital assets following the implosion of FTX.
After funding Alameda’s high-risk trading strategies using billions of customer funds, Sam Bankman-Fried’s collapsed. After Terra’s collapse, FTX stopped withdrawals and filed chapter 11 bankruptcy. Three Arrows Capital and Celsius also filed for bankruptcy. SBF, the CEO of estranged users, also resigned.
Ethereum Trading Volume on Uniswap “Not your keys, but your coins” – Ethereum traders & Crypto Users
According to Coingecko data, Ethereum volumes on Binance for the ETH/USDT pairing rose 9.49% to $1.1 billion. Dune Analytics also reported a 178% increase in weekly ETH volumes on DEXs such as Curve Finance and Uniswap. Data pulled from TradingView showed that ETH traded at $1,200 Monday.
ETH/USDT by TradingViewEthereum Users and crypto traders alike flocked towards decentralized trading venues following the FTX crash, which left billions of retail deposits and balances in limbo. Uniswap, unlike centralized exchanges like Coinbase and Binance which store user assets, offers a trading platform and access to liquidity.
DEX users have greater custody of their digital tokens through web3 wallets such as MetaMask or other self-custody options.
Changpeng Zhao, Binance CEO, stressed the importance of self-custody following the collapse of FTX. “Not your keys, but your crypto” is the rallying cry of DeFi supporters who are pushing for greater decentralization in crypto and transparency.
Via Dune Analytics