Uniswap fights back as competitors drain value from the DEX
Cointelegraph
Published Nov 20, 2020 10:07AM ET
Updated Nov 21, 2020 12:20PM ET
Just a few months ago, the global finance sector witnessed the meteoric rise of yield farming, which in large part helped to spur the growth of the decentralized finance domain. During Q3 2020 alone, the DeFi market ushered in significant growth for many stablecoins compatible with Ethereum (ETH), such as MakerDAO’s Dai.
According to information released by crypto market data aggregator Messari, the overall supply of the Dai stablecoin increased by a mammoth 623% during Q3, propelling the token’s value above $1 for 120 days running. The report also goes on to add that 65% of Dai’s entire token supply is currently being used for yield farming purposes across various DeFi protocols.
h3 Can DEXs fall out of favor?/h3 h3 Changes incoming for Uniswap?/h3 h3 DeFi is here to stay?/h3 h3 It’s not DEX vs. CEX/h3Continue Reading on Coin Telegraph
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Written By: Cointelegraph
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