2024-8-8 00:02 |
Decentralised exchange (DEX) tokens have joined the rest of the crypto industry in a deep sell-off. Uniswap (UNI), the biggest DEX in the industry, has retreated to $5.56, down by over 66% from its highest point this year.
Similarly, Raydium (RAY), the biggest Solana DEX, has dropped to $1.60, much lower than the year-to-date high of $3.30. Other DEX tokens like Jupiter and dYdX have also dropped sharply in the past few weeks.
The same trend has happened in the centralized exchange industry as the Coinbase stock has retreated to $180, down by 37% from its highest level this year. Still, despite these woes, DTX Exchange is firing on all cylinders as its token sale continues.
DEX volumes have droppedThis trend happened as recent data show that the volume traded in DEX platforms has dropped from the highest point this year. The data show that while the volume rose to over $190 billion in July, it was lower than the $250 handled in March this year.
DEX volume | Source: DeFi LlamaThe recent drop was because of the recent sell-off in Bitcoin and other altcoins. After rising to a record high of $73,500 in March, Bitcoin has moved into a bear market and was hovering at $54,000 on Thursday morning.
This trend may continue if cryptocurrencies remain under pressure in the next few months as some analysts expect. They cite the recent challenges caused by the interest rate hike by the Bank of Japan (BoJ), which has led to a big unwinding of a carry trade estimated at over $500 billion.
The retreat of DEX tokens like Raydium and Uniswap mirrors that of other cryptocurrencies like Ethereum and Solana that have retreated.
DTX Exchange is defying gravityDespite the challenges in the crypto industry, one asset is firing on all cylinders: DTX Exchange.
Data on its website shows that the exchange has raised over $1.23 million in the past few weeks, making it one of the top token sales of this year.
DTX Exchange aims to change the crypto and stocks trading industry by incorporating these assets into one decentralised platform. Using its platform, users will be able to buy and sell thousands of assets like cryptocurrencies, forex, contracts-for-difference, and commodities.
Another standout feature is that users will be able to access up to 1,000x leverage when using the platform. Most importantly, the developers hope that the platform will handle over $175 million in volume initially, a volume that will give it a profit of $3.5 million daily.
Some of these profits will go back to the VIP presale investors, a move that will provide them with robust passive income opportunities.
Therefore, investing in the DTX token gives users a chance to own a platform that is set to dominate the crypto and CFD markets. Over the years, similar projects have minted millionaires.
For example, Uniswap’s UNI token has a market cap of over $3 billion, making it bigger than some well-known companies like GameStop, SiriusXM, and AMC Holdings. All these firms have produced millionaires over the years. Unlike meme coins like Dogwifhat, DTX is a crypto project with a real utility, meaning that it can do well over time. You can buy the DTX token on its website.
The post Uniswap, Raydium tokens stumble; focus shifts to DTX exchange appeared first on Invezz
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