The rise of decentralized financing (DFI) has reshaped the landscape of the cryptocurrency ecosystem, once influenced by centralized exchanges such as Coinbase and Binance, and has made it more accessible to users and projects that want access to the market.
As DFI has emerged as a cheaper, more readily available option for investors and projects, centralized exchanges have seen their BTC and Ether Deep stocks and they have started competing for users as more and more investors try to use DFI.
Instead of adopting a ‘centralized only’ approach, the LCX Exchange has adapted its model to provide centralized and decentralized services, and this time its local LCX token has reached a new record high.
Data from CoinGecko shows that LCX prices have risen 430% since reaching ড 0.034 on August 21, reaching a daily high of 17 0.1775 on September 18 as its 24-hour trading volume averaged less than 700% from $ 1 million to $ 7.6 million.
The three reasons for the rising price of LCX include the release of the LCX DeFi terminal, the trading volume at Uniswap and the expansion of the Total Value Locked (TVL) and LCX Exchange ecosystem.
Pivot in LCX Defy
September 17, LCX Is released An update to Definition Terminal 2.0 of the protocol, also known as Fire Salamander DX Aggregator.
According to LCX, the goal of the update is to improve the user experience and upgrade gas efficiency and integrate six new decentralized exchanges into interfaces.
Added new DEXes include Shivswap, Sweepswap, Louiswap, Usewap, Polyant Dex and Emiswap, bringing the total number of integrated DEXs to thirteen.
Increase in trading volume and TVL
The second reason for the rise in LCX prices is the increase in trading activity and the liquidity available for Uniswap tokens.
As shown in the chart above, the price for the LCX line has seen a 2-hour trading volume increase on Uniswap.
As of Sept. 21, the total value locked in LCX Liquidity Pools at Uniswap is $ 3.15 million, an increase of 267% from its L 1.18 million TVL on Aug. 21.
Ecosystem expansion, exchange list and governance features
Another reason for the benefits seen in LCX is the expansion of the LCX ecosystem and the upcoming introduction of governance features.
Over the past few months, the LCX Exchange has added popular Altcoin to its offer list, which includes Cardano (ADA), Polcadot (dot), Headra Hashgraph (HBAR) and Polygon (Matic).
At the same time, LCX founder Monte Metzer hosted a series of podcast interviews with project leads.
These interviews introduced the communities behind these tokens to the LCX ecosystem and helped explain the ongoing collaboration between LCX and Polcdot to create its security token standard using Polcadet’s Parachain technology.
Read more – https://t.co/OHDbLs7sH2 pic.twitter.com/pSj36dMQlI
– LCX (clcx) September 2, 2021
This brings a new level of exposure to the LCX project and sheds light on the fact that the exchange will provide fully licensed and legally compliant ways for users to access Security Token Offers (STOs). There are also plans to introduce a governance token for LCX DEX and this is in line with the popular trend of the Defy Exchange which rewards early stockers with governance tokens.
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