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DEX’s Are Having Their ‘App Store Moment’ | Web3 Daily

18 August 2024
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TL;DR

In Feb, DEXs have been accountable for 4.6% of all crypto buying and selling quantity — in the present day, it has risen to 7% (marking a 52% enhance) — all because of enhancements in UI, worth, and optionality.

Full Story

Within the lengthy and winding checklist of ‘dangerous 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 sponsored with a plan?? I stated that’s the most costly cellphone on this planet!

…and it does not attraction to enterprise clients as a result of it does not have a keyboard.“

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

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

And now we’re beginning to see the same 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 have been permissionless (no having to add your ID, handle, and cellphone quantity to some unknown server that can outlast humanity)

Self custody got here as commonplace (you held custody of your crypto as a substitute of the alternate)

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

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

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

CEXs can’t/received’t checklist nearly all of new tokens and memecoins proper out of the gate due to regulatory restrictions.

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

(Identical to all of the app growth was occurring on iPhone circa 2009).

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

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

And certain, a soar from 4.6% to 7% won’t really feel like quite a bit…

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 shortly turning into seen as the higher choice throughout the board.



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Tags: AppDailyDEXsMomentStoreWeb3
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