This is becoming so exiting to watch. Days after crypto transactions were made illegal in China, the country’s trading activity switches to decentralized options.
Tokens of UniSwap and Sushiswap Decentralized Exchanges gained +41% and +36% in one day, while the decentralized derivatives platform DYDX registered more than a triple increase in its 24h trading volume: from around $2Bn to over $7Bn.
It would be much trickier for the Chinese government to track and ban DEXes, because well… they are decentralized and anyone with a crypto wallet can join and trade with their peers.
It looks like the Chinese people will soon become DeFi experts, as the cryptoresistance starts taking form.