The recent crackdown by China and its decision to declare crypto transactions illegal has proved to be a boon for decentralized exchanges and the DeFi space. While a majority of the crypto market has been under selling pressure, these DeFi blue chips have seen a major boost in on-chain activity.
Data provider Santiment notes that the active addresses have shot up significantly over the last five days. Similarly, the network growth has shown a significant spike. Interestingly, all this has been coinciding with the start of the crypto market crash post the China ban.
However, this scenario is more prominent among the blue-chip DeFi coins. Below is a chart of the total daily active addresses (DAA) among DeFi coins.
Courtesy: Santiment
From the chart, it is clear that Uniswap (UNI) has been leading the recent spike. As Coingape reported, the trading volumes on UniSwap spiked by a staggering 500%. Similarly, other DeFi players like dYdX saw its transactions volumes surging past that of Coin
Źródło: https://coingape.com/is-the-china-fud-going-to-be-a-boon-for-defi-data-says-so/
