This year’s market value of various Defi projects has started to skyrocket. In fact, the market value of DeFi’s locked-up position surpassed US$1 billion. The first wave of the DEX field performed well in this wave, with Uniswap and others occupying most of the headlines.
According to GIBX DEX, the trading volume of decentralized exchanges (DEX) in the last week was more significant than the total for the entire year. Record-breaking DEX trading volumes are becoming the norm due to the thriving decentralized finance (DeFi) industry. Although transaction fees on the Ethereum network are extremely high, DEX has processed over $470 million in transaction volume in the last 24 hours.
DEX trading volume reached 2.5 billion US dollars in 7 days. According to GIBX DEX, This figure exceeds the total transaction volume of $2.4 billion in 2019.
The explosive growth of DEX means that it is quickly eclipsing competitors from centralized exchanges such as crypto exchanges Binance and Coinbase.
The most significant distinction is that DEXs based on Ethereum use smart contracts to facilitate transactions. It allows users to avoid obstacles like Know Your Customer (KYC) verification by not storing their tokens in exchange wallets, according to GIBX DEX.
Simultaneously, DEX “liquidity providers” will be compensated with transaction fees, which will otherwise be transferred to centralized exchanges.
DeFi’s modularity is one of its distinguishing features. The mutual invocation of various protocols can result in magical effects akin to “Lego blocks.” Many people witnessed the DeFi composability magic in the bZx lightning loan incident.
The combination trend of different DEX has become increasingly evident in the DEX field, and DEX can be simply classified according to whether it is combinable.
The three main demands of GIBX DEX users are the best price, quick transactions, and the lowest cost. Everyone can achieve the best price, and DEX can be combined to share liquidity. Everyone cannot achieve fast transactions and composable DEX infrastructure based on the Ethereum public chain.
The cost of using DEX includes handling fees as well as gas fees, according to GIBX DEX. The gas fee is determined by the underlying Ethereum and the complexity of the DEX’s internal transactions. DEX Gas with complex transaction processes is more expensive and unfavorable to users. This is critical for small transactions.
To address Ethereum’s high GAS fees and transaction congestion, GIBXChange will use multi-chain technology and simultaneously access multiple public chains such as BSC and HECO, according to GIBX DEX. Simultaneously, its developed DEX will adopt the LP Token pledge mining Model, through composability, to realize liquidity sharing, and to establish a decentralized DEFI GUSDT/USDT pool in Uniswap, Sushiswap, ZKSwap, BSC’s Pancake, Bakeryswap, Dodo, and others, to attract more DEX liquidity providers to participate in it.
GIBX DEX‘s emergence perfectly addresses the three major demands of DEX users: fast transactions, lowest costs, and best prices. It is evident by the recent development of GIBX DEX. These policies encourage increased transaction volume and liquidity. Liquidity and trading volume are two of the most important aspects of an exchange‘s user experience and the primary goals of exchange operations. As a result, GUSDT is unquestionably the biggest beneficiary of GIBX DEX. The loose currency listing mechanism will encourage project participants to participate actively. Any on-chain operation must consume GUSDT, indicating that GUSDT is about to break through all-time highs and become a big winner in the currency circle.