Supposedly censorship-resistant decentralized finance (DeFi) rails see increased activity in the wake of China’s crypto crackdown.
Native tokens of leading decentralized trading platforms are surging as the biggest centralized exchanges Binance and Huobi cut back on China to comply with local regulations.
Messari data shows PERP token has gained 55% in the past 24 hours to trade at $17. PERP is the utility token facilitating and incentivizing the decentralized governance of the Perpetual Protocol.
Coins associated with other decentralized exchanges like Uniswap, SushiSwap, dYdX and Curve have risen between 22% to 35% in the past 24 hours, outperforming crypto leaders bitcoin and ether by a significant margin.
While bitcoin has partially erased Friday’s 4.5% slide with a bounce to near $44,000, the cryptocurrency is still trapped in a four-week falling channel.
Onchain data continues to paint a bullish picture. “Whales bought the China FUD, adding 80,000 bitcoin to their fat stacks,” crypto analyst Lark Davis noted, referring to large investors.