DEX Tokens Surge As The Trust In Centralized Exchanges Dampens

DEX tokens surge over the past week as we saw some turbulent movements, to put it mildly for both the crypto and the stock market. However, it looks like the DEX tokens are having a great time so let’s follow up on our crypto news today.

The sector is in the green as we can see on the board since most DEX tokens surge between 1.3% and 317% over the past week according to the data. DEXs are crypto trading platforms that enable peer-to-peer transactions between traders which means that all trades are executed based on their coded algorithms without intermediaries. This also means that the DEXs cannot restrict trading whenever they are feeling inclined to do so unlike some centralized exchanges which are owned and operated by certain entities.

Now would be a great time to explore a decentralized @RobinhoodApp 🤔

Oh wait, it already exists 🤫

Trade what you want, when you want. pic.twitter.com/Cd9e63GVOV

— Zerion 🏦 (@zerion_io) January 28, 2021

While the DEX token sector’s dominance index is still low at 1.35% by market cap, many DEX-related assets are seeing some growth over the past week. UNI for example which is the native governance token of Uniswap is now trading at $18.83 marking a 20% increase on the day and 79.7% over the past week. The movement was followed by Synthetix Network Token amid Suhiswap which saw their prices increase by 16.
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22% and 38.15% over the week.

The growth is apparent in comparison to the centralized exchanges’ metrics since over the past week, not a lot of CEXs showed notable results but there were some expectations like Catex Token as it increased 1,122%, Tidex Token that increased 246%, and Voyager Token that increased 225%. In terms of overall sector change in the week, DEXs are leading with 43.88% while CEXs average price increases are limited to 7.56%.

The general public’s attention started turning to the decentralized trading platforms after witnessing the events which happened over the week. When Reddit users scored a huge win against Wall Street, Robinhood decided to restrict the trading of GameStop’s stock. The exchange turned off retail traders’ ability to purchase GME which impended the stocks’ price rise on Robinhood. At that time, many users and experts argued that the platform’s decision was interpreted as an attempt to create a safety net for hedge funds and short positions on GameStop putting the “little guy” at a disadvantage.

Robinhood’s actions helped DeFi and cryptocurrencies are now getting even more recognition. This could also be the echo of the Elon Musk effect as he changed his Twitter bio to “Bitcoin” and caused a market surge.