Declining DEX volumes reflect DeFi investors shift to Bitcoin, data shows
Cointelegraph
Published Oct 29, 2020 03:13PM ET
Updated Oct 30, 2020 05:40PM ET
All eyes are set on Bitcoin (BTC) as the digital asset continues to trek to a new 2020 high. Meanwhile, the hype around decentralized finance projects continues to die down, especially as token prices plummet. Data shows that trading volume for decentralized exchanges, or DEXs, is dropping rapidly, further signaling the decline of the DeFi sector.
The recent hack of Harvest Finance saw volumes across DEXs boom for one day, especially Uniswap and Curve. According to media reporting and Harvest investors, the hacker executed a flash-loan exploit that used millions of dollars worth of cryptocurrency across both Uniswap and Curve to drive down the perceived prices of Tether (USDT) and USD Coin (USDC) tokens on Harvest Finance.
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Written By: Cointelegraph
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