Decentralized Exchanges (DEXs) have become a popular trading avenue for crypto natives since the launch of Uniswap in the summer of 2020. As of writing, there is over $21.4 billion locked in various DEXs, which is still a fraction of the 2021 highs when the DeFi bull market caused DEXs TVL to surge up to $78 billion.
However, despite this remarkable growth, DEXs are still struggling with some pertinent issues that have been a major hindrance in adoption. For context, DEXs only account for around 7% of the daily trading while Centralized Exchanges (CEXs) led by the likes of Binance and Coinbase make up the rest of the market share.
This lag in adoption can be attributed to several factors, most notably, the fragmented nature of DeFi ecosystems. Technically, Layer 1 smart contract networks such as Ethereum, Solana, and Avalanche operate in isolation. The process of moving digital assets between these DeFi environments is not only cumbersome for newbies but also for crypto veterans.
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