UniSwap (UNI) gains 35% in 24 hours, Will China crypto crackdown give a boost to Defi tokens?

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China crypto crackdown and DeFi surge came hand in hand. The price of the native coin of the UniSwap exchange company, named UniSwap (UNI), has increased by 35% in the last day. Moreover, the coin also witnessed a 500% increase in trading volume. This blew up the price from $17.77 to the daily high of $25.98. 

The largest decentralized exchange has seen many DeFi tokens skyrocketed in the past two days making double-digit profits. This is happening when the whole crypto market is still recovering from the price drop that occurred on Friday after China’s crypto ban news came out.

Chinese crypto crackdown is one of the crucial factors in increasing the price of DeFi coins. Colin Wu, a Chinese journalist, said that the crypto ban by the Chinese government would motivate Chinese traders to head to DeFi. This situation might increase a rise in Metmask wallet volumes even more. The claims by the journalist came true when dYdX reported trading volume that was higher than Coinbase, one of the biggest crypto exchange platforms in the world.

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Despite the whole market being in the recovering phase, several DeFi protocols are seeing again in double-digits. The rise might not be entirely because of actions by China, but the crackdown will surely give a significant boost to the DeFi coins.

China Crypto Crackdown can increase Defi Adoption

It was not the first time a situation like the China crypto crackdown happened, and this is not going to be the last. Before this, China has banned all crypto exchanges. After this, traders started using VPNs to admit themselves on exchanges. Now, as most foreign exchanges like Binance have refused to continue things for the Chinese, they might shift to DeFi for profits.

DeFi is helpful as it might allow Chinese to register without KYC or governmental verification due to its decentralized features. This might bring the already famous DeFi market into the limelight and increase the adoption.

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