Decentralized exchange platforms (DEX) are starting to gain traction, especially those hosted on the Ethereum network. Since the beginning of the year, DEX tokens have outperformed their alter ego on centralized platforms (CEX).
An average increase of 240% for DEX
According to a report published by Messari Crypto, tokens issued by decentralized trading platforms have performed better than those offered by their centralized counterparts.
For this study, two families of assets were compared. On the one hand, the tokens issued by the centralized exchange platforms: OKB, HT, LEO, FTT, BNB and KCS. On the other hand, the tokens issued by DEX: KNC, LRC, AST, BNT, IDEX and ZRX.
Since the beginning of 2020, DEX tokens have experienced an average increase of 241%, compared to only 44% for tokens from centralized platforms.
Source : Messari
While almost all decentralized exchanger tokens have increased by more than 100%.
- with the exception of 0x (ZRX) - only the OKB token on the OKex platform has managed to exceed the 100% increase mark since January .
These values are however still far from reality. Indeed, since the completion of the report, the KNC token from KyberNetwork has doubled its value and the LRC from Loopring has increased by 46%.
DEX volumes remain minimal
Although the tokens of decentralized trading platforms perform better than those of CEX, the platforms themselves are still lagging behind.
Indeed, according to TheDefiant's report, decentralized exchanges represent only 0.66% of all crypto exchanges. The effect of a drop of water in an ocean.
The attraction for decentralized exchange tokens can be explained by the rights linked to these tokens. In fact, unlike CEX tokens, DEX tokens allow most of the time to take part in the governance of the protocol. A concept still far removed from the practices proposed by centralized exchanges.
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