DEX volumes pumped over 1,000% in Q3 before October saw the DeFi craze cool
Despite pullback, trading volumes on decentralized exchanges are still significantly higher than Q2. The trading volume on decentralized exchanges, or DEXs, reached $42.6 billion during Q3 2020, marking an increase of 1,132% on the previous quarter, according to a recent industry report from TokenInsight.However, October saw figures pull back a little from September highs, as Bitcoin (BTC) prices started to pump, re-capturing traders' attention following the previous few months' decentralized finance, or DeFi, boom.Volumes in July alone reached $5 billion, which was up one third on the....
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October’s growth is less than half of September’s 68,000 newly tokenized bitcoins.
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DeFi tokens have been around for a few months now — long enough to plot some recurring trends that show some clear patterns. Decentralized exchanges have been around for a while now, but it’s only been since the grip of decentralized finance mania has taken hold that they’ve come into their own. The growth in DEX use has been nothing short of exponential, with volumes pretty much doubling in August and September compared with the preceding months.But is volume alone telling the whole story? Amid the DeFi frenzy, some of the biggest winners have been DeFi governance tokens. Kicking off with....