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DEX’s Are Having Their ‘App Store Moment’

August 24, 2024
in Web3
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TL;DR

In Feb, DEXs had been answerable for 4.6% of all crypto buying and selling quantity — at this time, it has risen to 7% (marking a 52% improve) — all due to enhancements in UI, worth, and optionality.

Full Story

Within the lengthy and winding record of ‘unhealthy takes’ all through tech historical past, Steve Ballmer’s response to the launch of the iPhone has gotta be prime 10.

(And we are going to die on this hill).

“$500 totally backed with a plan?? I mentioned that’s the costliest cellphone on the planet!

…and it would not enchantment to enterprise prospects as a result of it would not have a keyboard.“

As all of us now know — none of that mattered.

The iPhone’s touchscreen keyboard labored nicely sufficient for e mail, the person interface was second to none, and its app library was world class.

And now we’re beginning to see an analogous shift in customers between centralized exchanges (CEXs) and decentralized exchanges (DEXs)

For the longest time, DEXs actually solely had two issues going for them:

They had been permissionless (no having to add your ID, handle, and cellphone quantity to some unknown server that may outlast humanity)

Self custody got here as normal (you held custody of your crypto as an alternative of the change)

Outdoors of that, they had been ridiculously laborious to navigate for first-time customers, and their charges weren’t aggressive.

However of late, that’s began to vary throughout the board — and DEXs are usually not solely competing on ease-of-use and worth, however…

They’re additionally having their ‘App Retailer second.’

CEXs can’t/gained’t record the vast majority of new tokens and memecoins proper out of the gate due to regulatory restrictions.

So the entire hottest new low-cap cash/tokens that you just hear of us making life altering cash on, throughout X (Twitter)? That’s all taking place on DEXs.

(Similar to all of the app improvement was taking place on iPhone circa 2009).

Consequently, we’re seeing an enormous uptick in DEX utilization.

In Feb, DEXs had been answerable for 4.6% of all crypto buying and selling quantity. At present, it’s 7% — marking a 52% improve.

And certain, a soar from 4.6% to 7% may not really feel like rather a lot…

However neither did the iPhone’s transfer from 3.5% of smartphone market share, to five.4% (again in ‘07 / ‘08).

The takeaway:

DEXs are rapidly changing into seen as the higher choice throughout the board.



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Tags: AppDEXsMomentStore
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