On-chain platforms are taking over their turf, and CEXs are turning green with envy
In September, DEX spot volume hit 26% of CEX volume, up from just 18% a year ago, and it’s been climbing steadily since June. Even crazier, 86% of RWA perpetuals have already moved on-chain, while traditional order books are still charging listing and matching fees.
Governance-token holders at these DEXs might get excited when they hear these numbers, but rising on-chain volume and token holders getting a share of trading fees are two different things. With such a large circulating supply and early wallets still sitting on hefty bags, market makers love using days like this to sell into the hype. A short-term spike followed by a pullback is quite likely. On the other side, we need to see whether real gas usage and L2 activity can sustain the growth. This kind of RWA narrative tends to pulse with the news, and those chasing a rally usually end up buying halfway up the mountain.
For those of you holding, what’s your cost basis? Would you dare to add here, or are you planning to sell into a rally and get out?
$UNI $ETH $ONDO
In September, DEX spot volume hit 26% of CEX volume, up from just 18% a year ago, and it’s been climbing steadily since June. Even crazier, 86% of RWA perpetuals have already moved on-chain, while traditional order books are still charging listing and matching fees.
Governance-token holders at these DEXs might get excited when they hear these numbers, but rising on-chain volume and token holders getting a share of trading fees are two different things. With such a large circulating supply and early wallets still sitting on hefty bags, market makers love using days like this to sell into the hype. A short-term spike followed by a pullback is quite likely. On the other side, we need to see whether real gas usage and L2 activity can sustain the growth. This kind of RWA narrative tends to pulse with the news, and those chasing a rally usually end up buying halfway up the mountain.
For those of you holding, what’s your cost basis? Would you dare to add here, or are you planning to sell into a rally and get out?
$UNI $ETH $ONDO