Stellar (XLM) Bulls Didn’t Hear the OKEx News, This Prediction Surfaced When UniSwap Jumped As BTC, XRP Fell


XLM/USD Daily Chart 

In the last few months, DeFi took the entire crypto market by storm. Alongside DeFi, new trends like NFTs (non-fungible tokens) also surged. This DeFi explosion spurred an increase in the demand for decentralized exchanges (DEXes), causing UniSwap to briefly overtake Coinbase Pro at a certain point.

The fact that newly-emerging DeFi tokens typically do not get listed on centralized exchanges in time may have informed the switch to DEXes like UniSwap.

The recent OKEx freeze accentuates the importance of decentralized exchanges like UniSwap, as seen in the unexpected price jump indicating the need for a paradigm shift in how exchanges handle customer funds.

A quant trader Qiao Wang believes that this may just be the beginning of the rise of for decentralized exchanges (DEXes), predicting that in 2021, Ethereum and decentralized exchanges would likely perform even better.

The last few weeks had the cryptocurrency market suffer the KuCoin, BitMEX, and OKEx negative events. Wang buttressed his point stating that the uncertainty around major exchanges could spur a decentralized exchange activity spike. This he stated:

“Hard to overstate the importance of 1) Ethereum L2s and scalable L1s coming online 2) What happened to Kucoin/Bitmex/Okex over the last 2 weeks Timing cannot be better for decentralized futures/swap exchanges to finally take off in 2021.”

Image Credit: Shutterstock

Leave a Reply

Your email address will not be published.

You May Also Like