Altcoin Roundup: DEXs come to the rescue after China bans crypto

Over the past few months, there have been some major developments coming out of China that have rocked the cryptocurrency market and the global financial markets. China’s Evergrande debt repayment crisis sent shockwaves throughout global equities markets, as well as the United States Securities and Exchange Commission’s (SEC’s) consistent signaling of upcoming regulation for stablecoins and decentralized finance (DeFi) continued to weigh on sentiment within the market.

While the Evergrande situation somewhat resolved itself, for the time being, the government crackdown on unregulated DeFi platforms and stablecoin transactions continues. This has resulted in cross-chain equipped layer-one protocols and layer-two solutions seeing increased volumes as traders search for non-centralized venues to interact with.

Monthly DEX volume. Source: Dune Analytics
Uniswap trading volume vs. total revenue. Source: Token Terminal
Fantom price vs. protocol revenue. Source: Token Terminal
Avalanche price vs. protocol revenue. Source: Token Terminal
Total value locked on dYdX vs. trading volume. Source: Token Terminal

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