Vela Exchange and GMX’s Native DEX Projects See Significant Transaction Volumes
On February 21, it was reported that in the past 24 hours, the transaction volume of Vela Exchange, an ecological native DEX project of Arbitrum, reached $341 …
On February 21, it was reported that in the past 24 hours, the transaction volume of Vela Exchange, an ecological native DEX project of Arbitrum, reached $341 million, while the transaction volume of GMX in the same period reached $111 million (including Arbitrum and Avalanche networks). Vela Exchange is designed with a mechanism similar to GMX and is still in the testing stage.
In the past 24 hours, the turnover of Arbitrum Ecological DEX Vela Exchange has exceeded US $340 million
Interpretation of the news:
The recent report on Vela Exchange and GMX’s native DEX projects draws attention to the growing importance of decentralized exchanges (DEXs) in the cryptocurrency market. According to the report, Vela Exchange, an eco-native DEX project of Arbitrum, recorded a transaction volume of $341 million within 24 hours, while GMX’s recorded transaction volume reached $111 million, which includes both the Arbitrum and Avalanche networks.
It is important to understand the significance of these numbers. DEXs are decentralized exchanges that run on the blockchain network and allow users to trade cryptocurrencies without the need for intermediaries or a centralized authority. A higher transaction volume on DEXs is an indication of the growing trust in the technology and the increasing adoption of cryptocurrencies. The report’s statistics reveal that native DEXs of Vela Exchange and GMX are not experiencing a slow start in their adoption. Instead, they are witnessing considerable transaction volumes.
Vela Exchange and GMX’s native DEX projects have different architectures but quite similar mechanisms. Vela Exchange focuses primarily on providing a more efficient method of trading tokens within the Arbitrum network, while GMX’s primary objective is to improve the underlying technology behind the decentralized exchange networks. Despite their differences, both native DEX projects offer a seamless trading experience for their users while providing an assurance of security and trust in the technology.
Additionally, it is worth noting that the Vela Exchange project is still in its testing phase, which further reinforces the possibility of higher transaction volumes once it is fully launched. This also means that the transaction volume increase is a positive sign for the Vela Exchange team as it shows that the market is interested in their technology, and it is highly possible for them to emerge as a prominent player in the DEX market.
In conclusion, the report on Vela Exchange and GMX native DEX projects indicates a positive trend towards the adoption of DEX technology. As cryptocurrencies continue to gain wider adoption in traditional markets, decentralized exchange technology will become more ubiquitous. Vela Exchange and GMX have demonstrated the potential of their native DEX projects, and it will be exciting to see how they evolve and impact the decentralized exchange ecosystem in the coming years.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/1992/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
EOA Account Transfers Funds to Tornado Cash Following SwapX Vulnerability Attack
It is reported that according to CertiK monitoring, the EOA account address 0xEDbdf has transferred the funds to Tornado Cash. This wallet is related to the SwapX vulnerability attack event. So far, the EOA address has transferred about 1630.70 BNBs (about USD 502400) to Tornado Cash. EOA account address 0xEDbdf has transferred funds to Tornado Cash Analysis based on this information:CertiK, a security-focused blockchain and smart contract verification platform, has reported that an EOA account has transferred funds to Tornado Cash following the SwapX vulnerability attack. The EOA address in question is 0xEDbdf, and it has transferred approximately 1630.70 BNBs (about USD 502400) to Tornado Cash. This news comes on the heels of an attack on SwapX, a decentralized exchange platform that suffered a severe vulnerability that allowed hackers to drain its liquidity pools. The vulnerability was discovered on August 13th, and the SwapX team quickly responded by halting trading and launching an investigation. In the aftermath of the attack,…
-
Adopting Open Multiple ZK-EVM: Overcoming Challenges and Building a Multi-Client Ecosystem
According to reports, in his latest blog article, V Shen suggested adopting open multiple ZK-EVM to create a \”multi client\” ecosystem, but at the same time, he pointed out that thi
-
US Economic Conditions Remain Uncertain
It is reported that on March 8 local time, the Federal Reserve issued a \”brown book\” on economic conditions. The \”Brown Book\” shows that the overall economic a…
-
Understanding the Federal Reserve’s Recent Interest Rate Hike: What Does it Mean?
According to reports, Rabobank believes that the Federal Open Market Committee (FOMC) unanimously decided yesterday to raise the federal funds interest rate target range by 25 basi
-
Federal Reserve Expected to Raise Interest Rates Again: Understanding What It Means for the US Economy
According to reports, the Federal Reserve\’s Bostick: It is expected to raise interest rates again; The economy still has a lot of momentum and inflation is too high. There is still
-
Inset Labs Completes $2.2M Financing Round to Expand Its Presence in DeFi
It is reported that the NFT financial agreement Inset announced the completion of the financing of US $2.2 million, led by Hashkey Capital and Infinite Capital…
-
New World Group’s 2023 Innovation Challenge: A Platform For Sustainable Development And Artificial Intelligence
On April 15th, it was announced that New World Group will hold the 2023 New World Innovation Challenge, with themes including sustainable development and artificial intelligence. I
-
NFT Transactions Reached New High in February 2022
On March 3, according to the latest report of DappRadar, the NFT transaction volume in February this year exceeded US $2 billion, reaching a new high since the…
-
Silicon Valley Bank appoints new CEO amidst the transition to the FDIC-operated “transition bank”
According to the report, the new CEO of Silicon Valley Bank said that the business in the United States was carried out as usual, and it was expected that cross-border transactions would resume in the next few days. Last weekend, FDIC transferred all the deposits and most of the assets of the former Silicon Valley banks to the newly established “transition bank” operated by FDIC, which provides comprehensive services. Depositors can withdraw funds in full, and new and existing deposits are protected. The new CEO of Silicon Valley Bank: business in the United States continues as usual, and depositors can withdraw funds in full Analysis based on this information:According to recent reports, the Silicon Valley Bank (SVB) has appointed a new CEO amidst a major transition in the banking industry. The news comes in the wake of the Federal Deposit Insurance Corporation’s (FDIC) recent transfer of all the deposits and most of the assets of the former Silicon Valley banks…
-
Bain Capital Ventures Raises $1.9 Billion for Diverse Investment Funds
It is reported that Bain Capital Ventures has raised US $1.9 billion through two funds, one for start-up companies from the seed stage to the growth stage, wit…
-
Paulygon: The Interactive Art Community Experiment on Polygon with Customized NFTs
It is reported that the NFT project Paulygon, an interactive art community construction experiment based on Polygon, is about to be launched. Paulygon will release a customized NFT
-
What affects the rise and fall of Bitcoin (affecting Bitcoin prices)
What affects the rise and fall of Bitcoin? What affects the rise and fall of Bitcoin? What affects the rise and fall of Bitcoin? How Bitcoin entered from a highly volatile market to another highly volatile market has had a significant impact on the entire investment field. In the traditional financial market, investors tend to choose assets with high transaction risk, such as stocks and foreign exchange in the stock market, which is the case for Cryptocurrency; However, for the blockchain industry, this is not the case because blockchain technology itself has a mature application and development trend, and therefore there are also many uncertain factors Bitcoin, as digital gold, has a certain positive and negative correlation in price, similar to some other currencies. But as the market value becomes increasingly high and accepted by the mainstream, the increase in correlation can also make the price of Bitcoin exceptionally overvalued and sluggish, leading to investors being unable to rationally view…
-
Coin On Announces Launch of Three New Trading Pairs
According to reports, Coin On officially announced that it will launch three new trading pairs, AGIX/TRY, LOOM/USDT, and OAX/USDT, on March 24, 2023 at 08:00 (UTC). Coin On reminde
-
Marathon Digital’s 2022 Net Loss: Understanding the Situation
According to reports, Marathon Digital, a Bitcoin mining company, suffered a net loss of $687 million in 2022. However, Chief Executive Officer Fred Thiel stated that the loss of $
-
Convex Finance Goes Live on Polygon for Seamless Pledging and Liquidity Mining
On March 9, the CRV Pledge and Liquidity Mining one-stop platform Convex Finance announced that it was online in Polygon. The process of providing liquidity an…
-
The Significance of Fortune’s Crypto 40 Ranking
On April 11th, Fortune Magazine recently released its first \”Fortune Crypto 40\” ranking to rank the \”most important encryption companies\”. Crypto 40 consists of eight categories, n