Decentralized Exchanges (DEX) have had a strong recovery in the past few weeks as volume increases. Indeed, DEX tokens have outperformed those of centralized exchanges like Huobi, OKX, and FTX token. Investors appear to believe that DEXes have done better during the recent meltdown that has seen many centralized companies like Voyager Digital go out of business.
dYdX (DYDX)
dYdX is a leading decentralized exchange that enables people to buy and trade hundreds of digital currencies. At its peak, the platform used to process over $4 billion worth of cryptocurrencies. Recently, however, the daily volume has dropped to about $700 million because of the ongoing sell-off.
The dYdX price has jumped sharply in the past few weeks. It has risen by over 157% from the year-to-date low. There is a likelihood that the coin will continue rising as the crypto industry stages a comeback.
Another key catalyst for dYdX is the upcoming launch of the new smart contract platform. In a recent announcement, the developers announced that they were moving from Ethereum and building a new platform in Cosmos. Therefore, there is a likelihood that the coin will remain at elevated levels in August.
Uniswap (UNI)
Uniswap is a leading decentralized exchange that is credited for revolutionizing the industry. It is the biggest DEX, with a total value locked (TVL) of $6.40 billion. It is the fourth-biggest DeFi network after Maker, Lido, and Compound.
Uniswap has millions of users and has helped to handle cryptocurrencies worth over $1 trillion. It has also expanded its ecosystem, with some of its key platforms being Gelato, Sorbet, Rainbow Wallet, and Flipside Crypto among others.
UNI is a good DEX token because of its role as a pioneer and the fact that it has a strong market share. Most importantly, it is a blue-chip network that will likely survive just as Amazon and Google survived the dot com bubble.
Balancer (BAL)
Balancer is another DEX platform that is worth investing in in August. It is a platform that lets people invest in automated portfolios and trade digital tokens. According to DeFi platform has a total value locked of over $1.49 billion. Balancer is the 12th biggest DeFi platform in the world.
Balancer is a good investment because of its recent launch on Optimism and the rising inflows to the network. The Balancer price has jumped by more than 71% from its lowest level in 2022.
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