Cryptonews DeFi has been a big winner in the collapse of the No. 2 centralized exchange FTX 🙌
“Self-custody and transparency are in demand and users are flocking to what they know and trust,” it said. “Let’s keep building.” The company, which supports the DEX’s protocol, sought to ride that wave, suggesting that “[u]sers already know that swapping tokens is as easy as sending an email” — a pushback against the idea that DEXs are complex.
Nansen showed that over the past week, centralized exchanges Binance, Coinbase, Crypto.com, Gate.io, Gemini, Huobi, Kraken, KuCoin, OKX and Paxos saw a combined outflow of $6.33 billion — although FTX and FTX US were included in those numbers, but obviously they abruptly halted withdrawals last week. As for DeFi lending protocols — where competing centralized lenders saw a spate of bankruptcies earlier this year — Compound’s users were up 50% and transactions 115%, Aave’s up 70% and 99%,and yearn.finance’s up 41% and 91%.DIY“We expect this trend to continue in the short to mid term, as the contagion of FTX failure continues to unwind and Bitcoin or cryptocurrency holders lose trust in custodians and finally start to explore their options to self-custody their digital assets,” its brand ambassador Josef Tetek said.on Nov. 15 that “[l]ast week saw Ledger's highest sales week in history. Sunday was our single highest day of sales ever. Until Monday, when we beat our all-time high again. He added: “The message is clear: people are realizing that we must return to decentralization and to self-custody. ‘Not your keys, not your coins.’ A saying as old as crypto itself, but it has never been more relevant." Data analytics firm Glassnode tweeted on Nov. 15 that the “fallout of the #FTX collapse appears to be a dramatic shift towards self-custody, especially for $BTC and $ETH.”Related Articles
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