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The unforgivable mismanagement of customer funds has left millions of users with funds trapped, crippled years of constructive industry reputation, and sparked new credit contagion risks.

Amidst this chaos, the native token of the decentralized crypto derivatives exchange, dYdX, has surged more than 50% over the past week.

  • According to prominent crypto-analytics firm, Santiment, DYDX has a chance to become a strong narrative in the coming weeks.
  • The accumulation of addresses containing between 1,000 and 10,000 DYDX contributes to price appreciation. surge to an 11-month high. Data suggests that this cohort of investors has been accumulating tokens since late September of this year.
  • More interestingly, the hoarding by investors picked up momentum in the first week of November, around the same time that FTX was in the throes of insolvency.

“They were able to do a great job, adjusting their position at the right time. Having strong nerves, they sometimes buy during a crash. They seem to know what they are doing so far.

  • The fall of a large, centralized crypto empire has highlighted the need for decentralized infrastructures that not only provide users with exposure to crypto assets but, more importantly, ownership.
  • The latest data on mid-tier holders accumulating DYDX does not necessarily signal investors leaving centralized crypto exchanges, but it illustrates a greater reliance on DeFi structures.
  • Despite the shockwaves of the collapse, trading volumes on decentralized exchanges (DEX) leaps to $32 billion last week.
  • According to Dune Analytics, Uniswap continues to lead the market with over $20.3 billion in trading volume.
  • The continuation of foreign exchange outflows also show loss of confidence of market players vis-à-vis CEX.
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