In this article we will take a look at another sign for crypto immunity against regulations. This is the adoption of DeFi by Chinese people despite the coming crypto crackdown. This article is not financial advice but for entertainment only and will cover some of the latest crypto events.

DeFi is starting to rally

After centralized exchanges like Huobi announced that they will be blocking Chinese citizens on these exchanges many of them turned to DeFi. The number of users of MetaMask and dYdX increased by a lot and apparently the Chines communities are discussing how to learn defi protocols.

This also had the effect that dYdX has surpassed the trading volume of coinbase. Furthermore, many DeFi Tokens like UNI rallied, suggesting that the UniSwap users are growing as well. This underlies the importance of DeFi in this world. All you need is basically an Internet connection, and you are good to go. With China banning crypto you probably need something like a VPN connection, but this should not be the biggest problem. The main statement here is there is no shutting down crypto without deleting the Internet.

Conclusion

In my opinion this is just another bullish indicator for the long term. Even if crypto gets a hit in the next month and we will see some more corrections one thing should be very clear. Crypto is here to stay and change the life of many people. Additionally, I think that the next bull run will focus a lot on DeFi and I am very interested to see which projects will come out on top!

Published by ga38jem on Publish0x on the 6th October 2021