Amid the development of the DeFi ecosystem, the LCX rate soars by 430%
The emergence of the DeFi sector has changed the cryptocurrency ecosystem, where centralized platforms set the tone, and increased its accessibility to those who want to have access to the markets
The LCX exchange decided not to use only a centralized approach, but turned its attention to decentralized services, thanks to which its LCX token updated the highs.
As of August 21, the LCX rate was $ 0.034 and has since grown by 430% to a local high of $ 0.1775. The daily trading volumes of the asset soared by 700% – from $ 1 million to $ 7.6 million.
The reasons for this rapid growth were 3 events: the launch of the DeFi terminal from LCX, the growth of trade and AUM on Uniswap, and the development of the local ecosystem.
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On September 17, the exchange released an update for DeFi Terminal 2.0, which improved the user experience by improving gas efficiency and integrating 6 new DEXs into the interface, bringing their number to 13.
The second reason for the growth of the token rate was the rise in trading activity and available liquidity on the Uniswap platform. LCX liquidity pools at Uniswap boast AUM of $ 3.15 million (up 267% compared to August).
The third reason for the rise of the LCX is the development of the ecosystem and the upcoming launch of management capabilities. Recently, the site has added support for several popular altcoins, including ADA and DOT.
In addition, there are plans to launch the LCX DEX governance token, which is a popular trend and there have already been several examples of DeFi sites rewarding early adopters with governance tokens.