In today’s briefing:
- Implication for Decentralized Exchange Amid the FTX Collapse – A Case of Uniswap
- Markets Dip Lower as FTX Contagion Spreads
Implication for Decentralized Exchange Amid the FTX Collapse – A Case of Uniswap
- Despite Centralized exchanges (CEX) being unregulated and opaque in operation, over 90% of crypto transactions happened on CEXs.
- DeFi exchanges are transparent and impossible for appropriation, but gain market share very slowly due technically difficult of building on blockchain.
- Uniswap is the largest spot decentralized exchange that stands to benefit from capital relocation from CEX to DEX, Uniswap token is a pure governance token without value capture.
Markets Dip Lower as FTX Contagion Spreads
- Price Movements: DEX tokens have been least impacted by the market collapse while L1 tokens have been the worst performers, led by SOL.
- Market Liquidity: Uniswap v3 recorded one of its highest volume days ever, although both CEX and DEX volumes have since tumbled.
- Derivatives: Binance and Bybit captured FTX’s market share of perpetual futures since the exchange collapsed.
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