China ban pushes Crypto traders towards DEX platform : Report

DyDx decentralized exchange crossed Coinbase’s exchange by 24 hour trade Volume amid China ban news.

As all of us know very well how China declared crypto ban in installments and that resulted in the crash of the crypto market many times. But as we know the world of crypto is an alternative to traditional financial infrastructure, So most of the crypto traders moved toward those exchanges which are not centralized.

On 26 September Majority of the crypto Exchanges, which were providing services for the China mainland users, prohibited & restricted services for Chinese crypto users.

Read also: Huobi & Binance to follow guidelines of China crypto Ban

Almost all the crypto users of China were ready to deal with their assets even with huge restrictions. A big trade volume at DEX ( Decentralized Exchanges) can be seen. 

If we talk in a particular case, then we find that DyDx decentralized Crypto exchange facilitated around $4.3 billion in the past 24 hours. And this trade volume is more than Coinbase, which is a centralised crypto exchange. 

In the last 24 hours, Coinbase facilitated a total $3.7 billion of crypto assets. So DyDx beated Coinbase by 15% more trade. 

On 26 September, Collin Wu,  a crypto blogger of china, tweeted regarding these things and said that China ban news will move crypto traders towards DEX

“A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase. All Chinese communities are discussing how to learn defi.”

Read also: Switzerland Regulators Impose Anti-Money Laundering Policies on Crypto