Ethereum: Is a 'Good' Buying Opportunity in the Making?
During the initial few months of 2023, users were seen experimenting with DeFi. The collapse of several prominent lenders and well-established centralized exchanges, including FTX, triggered the gravitation. Users’ clear-cut about-turn proved to be a boon for DeFi. As depicted below, the activity on decentralized exchanges gradually started ascending in 2023. In fact, when the spot trade volumes of DEXes and CEXes are compared, the ratio peaked at 22% in H1 2023. Along with the organic rise, the brief meme-coin season instigated by Pepe Coin also contributed to the cause and helped DeFi thrive. Contrarily, CEXes like Coinbase and Binance, continued to bear the brunt, with volumes on their platforms slashing down by more than half. Source: The Block Also Read: Is Pepe Coin & Co. Helping DeFi Thrive? DEX volume and Ethereum’s price Evidently, the DeFi landscape has evolved with time. The refinement of activity has positively rubbed off on Ethereum’...