Post-FTX collapse, a significant shift in crypto trader behavior is evident. And centralized crypto exchanges are facing the brunt, data from Dune Analytics reveals.
Trading volume in decentralized exchanges (DEXs) have skyrocketed in the past week. A whopping $27 billion worth of trades were made in the period, according to the Dune data. The 30-day trading volume, by comparison, amounts to a mere $60.5 billion.
The data suggests that DEXs have emerged as the safer alternative, as compared to centralized crypto exchanges. However, complicated user interfaces and the inability to transfer funds directly from banks is causing DEXs to lose out to some extent.
Details about the DEX influx
The lion’s share of DEX trading volume was brought in by Uniswap, which accounts for $17.4 billion of the trades as of 16 November. Curve and Balancer, with $6.8 billion and $883 million in trades, respectively, come in second and third.
Similarly, dYdX, a DEX on the Cosmos blockchain, saw user registrations increase by 99% and transaction volume climb by 136%. The growth was also reflected in the value of its dYdX token, which is up by 77% at the press time.
Smaller DeFi platforms have also benefited from the shift in user behavior. On Saturday, 12 Nov 2022, 1inch Network, a DEX aggregator, tweeted about gains across all its protocols. Data from Dune Analytics indicates that the platform has hosted over $5.3 billion in volume over the last week.
Meanwhile, on Monday, 14 November 2022, on-chain market intelligence provider Glassnode tweeted about BTC holders across all kinds—from small (shrimps) to big (whales)—withdrawing their crypto holdings from exchanges to transfer them to self-custodial wallets. BTC withdrawals, it also reported, reached a record high level of 106,000 BTC per month.
