The trading volume of DEX in February is close to US$73 billion, and NGKEX will promote DEX after it goes online
According to the latest data, the DEX’s trading volume in February hit a record high, approaching US$73 billion. Obviously, the expansion of DEX trading volume shows that the capital market is focusing on this, and it is bound to seize the opportunity in this emerging wave.
Some market participants said that there are many reasons for the increase in DEX trading volume. Generally, there are two main points.
First, the expansion of Ethereum Layer 2 has made DEX the focus, which has promoted the increase in DEX trading volume from the side.
Second, the upcoming launch of NGKEX, which has brought a wave of enthusiasm to DEX. Traders entered the market to understand the DEX market, so the trading volume of DEX was increased.
Market participants believe that after the launch of NGKEX in the future, it will help the surge of DEX trading volume due to three main reasons:
First, the underlying logic of decentralization. The NGKEX is built based on the bottom technology of the NGK blockchain, and it has a decentralized underlying logic. Decentralization means fairness, impartiality, and no third parties, which avoids the need for users to bear additional costs when conducting transactions.
Second, low handling fees. The consensus mechanism adopted by the NGK blockchain is not POW or POS, but DPOSS. This consensus mechanism has low energy consumption, low gas fees, and low transaction fees. In other words, users can perform high-frequency mining transactions with a small amount of cost. The NGKEX, which adopts the NGK blockchain as the bottom technology, also has this feature. Thus, it will attract many users to enter the market and bring traffic to the entire DEX market from the side.
Third, high storage capacity. The Ethereum has faced one of the biggest problems, which is the storage capacity. Due to low throughput and small storage capacity, it is difficult to support large-scale transactions, and it is very easy to cause network stalls and waste users’ time. Those decentralized exchanges with Ethereum as the core technology also have this drawback, so it is not conducive for the development of the entire DEX market. The emergence of the NGKEX undoubtedly resolves the current embarrassing situation in the DEX market. It adopts the InterPlanetary File System (IPFS) for shrading, which can compress the storage space of data and increase the speed of network transactions to support large-scale transactions.
Perhaps the market has already sensed the advantages of the NGKEX, so even if NGKEX is not yet online, it is already popular. Many users and institutions are eager to register new accounts and deposit funds. There is a huge potential in the NGKEX.
Therefore, many people have predicted that the value of NGK blockchain will rise with the launch of NGKEX, and DEX will skyrocket. In other words, NGKEX is likely to become another catalyst for the DEX surge!