Ethereum Daily Trading Volume On Uniswap Up 80% Amid FTX Contagion

Summary:

• Uniswap’s trading volumes for Ether skyrocketed to $1.21 billion, beating centralized speech Binance.
• $31 cardinal worthy of transactions happened astatine decentralized speech venues implicit the past week.
• “Not your keys, not your coins” crypto participants echo arsenic FTX’s clang unravels further.

Decentralized cryptocurrency speech Uniswap facilitated implicit $1.21 cardinal successful Ethereum transactions arsenic of Monday, up 80% successful the past 24 hours. This means Ether (ETH) traders and users similar to deploy their integer assets connected DEXs similar Uniswap pursuing FTX’s implosion.

Sam Bankman-Fried’s crumbled aft backing Alameda’s high-risk trading strategies with cardinal successful lawsuit funds. FTX paused withdrawals and filed for section 11 bankruptcy, arsenic did Celsius and Three Arrows Capital aft Terra’s failure. SBF besides resigned arsenic CEO arsenic estranged users anticipation for betterment successful court. 

Ethereum Trading Volume On Uniswap

“Not your keys, not your coins” – Ethereum traders and Crypto Users

Ethereum volumes for the ETH/USDT brace connected Binance roseate immoderate 9.49% astatine $1.1 billion, per Coingecko data. Dune Analytics besides reported a 178% roar successful play ETH volumes connected DEXs similar Uniswap and Curve Finance. ETH traded astir $1,200 connected Monday, information pulled from TradingView showed. 

ETH/USDT by TradingView

Ethereum users and crypto traders alike flocked to decentralized trading venues aft FTX’s clang near billions successful retail deposits and balances successful limbo. Unlike centralized exchanges (CEX) wherever third-party custodians – the exchanges themselves similar Binance and Coinbase – store idiosyncratic assets, decentralized exchanges (DEX) similar Uniswap connection a trading venue and entree to liquidity.

DEX users support greater custody of their integer tokens via web3 wallets similar MetaMask and different self-custody solutions. 

Binance CEO Changpeng Zhao – similar different salient crypto proponents – stressed the request for self-custody successful the aftermath of FTX’s collapse. “Not your keys, not your crypto”, the alleged rallying outcry for DeFi proponents pushing for greater decentralization and transparency successful crypto. 

Via Dune Analytics