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Sunday, February 25, 2024
More
    bitcoin
    Bitcoin (BTC) $ 51,662.84
    ethereum
    Ethereum (ETH) $ 3,029.65
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 379.27
    usd-coin
    USDC (USDC) $ 0.999883
    xrp
    XRP (XRP) $ 0.545982
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.086041
    cardano
    Cardano (ADA) $ 0.594233
    solana
    Solana (SOL) $ 103.12
    matic-network
    Polygon (MATIC) $ 0.978249
    polkadot
    Polkadot (DOT) $ 7.74
    tron
    TRON (TRX) $ 0.137643

    dYdX challenges Uniswap’s dominance in January: Binance Analysis

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    Decentralized trade (DEX) dYdX exceeded the day by day buying and selling quantity of Uniswap two instances in January, in response to a Binance Analysis report. The DEX peaked at $493 million on January 28, outdoing Uniswap’s $457 million.

    The collected buying and selling quantity for dYdX surpassed $25 billion, with volumes spiking above $1 billion following the approval of spot Bitcoin ETFs. The market intently watched the transition of dYdX from an Ethereum utility to a standalone Cosmos appchain. The platform incentivizes energetic merchants via a Launch Incentives Program, presently in its second section with two extra anticipated.

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    Along with dYdX, Jupiter, a DEX aggregator constructed on Solana blockchain, additionally skilled a surge in buying and selling volumes, surpassing Uniswap’s 24-hour quantity on a number of events. This improve could also be partly attributed to the launch of the JUP token.

    dYdX challenges Uniswap's dominance in January: Binance Research
    Picture: Binance Analysis

    DeFi gears up, NFTs stoop

    The general decentralized finance (DeFi) complete worth locked (TVL) rose by 4.1% in January, with Manta, Solana, Ethereum, and Arbitrum making vital contributions. Manta’s TVL soared by virtually 68% month-over-month, pushed by a profitable incentive marketing campaign. On Ethereum, protocols like Renzo Protocol, Ether.fi, and KelpDAO considerably grew, providing enhanced rewards for ETH deposits.

    Conversely, the NFT market witnessed a 33% lower in buying and selling quantity month-over-month in January 2024, with a notable drop in Bitcoin NFT gross sales. Nevertheless, Polygon’s NFT market bucked the pattern, recording a 136% improve, largely because of the reputation of the Gasoline Hero NFT assortment from Discover Satoshi Labs, which generated over $90 million in buying and selling quantity.

    See also  Bitcoin mining problem set to hit file excessive right now amid US miner scrutiny

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