TON Network Sees Surge In DEX Activity, STON.Fi Leads With A 90% Market Share
The TON Network has seen a sharp uptick in decentralized exchange (DEX) trading activity. The report also shows the increase in the number of addresses and transactions on TONs DEXs, indicating that investors are paying attention. This rise in activity occurs at a time when the TON price is settling down and entering a sideways trend after its early increase.
While TONs price has not been seeing a lot of growth in recent days, the increasing number of new addresses on TON DEXs shows that there is still interest in decentralized trading in the TON network. Out of all the DEX transactions on the TON Network, STON.Fi, one of the biggest platforms, has taken 90% market share.
DEX Activity On TON Network
While STON.Fi is still growing, other DEXs in the TON network decline in activity. DeDust one of the most important ones has lost its importance and megaton finance has never been able to gain much traction. Comparing the two has made it clear that STON.Fi has a larger and more engaged community of traders within the TON network.
Increased DEX activity indicates that the adoption of decentralized finance (DeFi) is on the rise on the TON network as more traders look to navigate around centralized exchanges. This trend can be attributed to the general shift within the cryptocurrency space towards the development of decentralized and user-oriented financial systems.
The reasons for the success of STON.Fi could be associated with its high interaction with the TON community and the presence of competitive tools for traders. This has made it the most competitive decentralized exchange on the network in the process. This comes at a time when more and more traders are looking towards decentralized trading and thus, STON.Fi is in a good place to continue to lead the way in the TON ecosystem.
Toncoins Steady Rise
As of now, TON is trading at $5.61, which is rather a 0.08% gain in value compared to the data from the past 24 hours. In the last week, the cryptocurrency has been appreciating at a rate of 1.64% which seems to be quite steady. This move is happening at a time when the focus on the TON blockchain and dapps has been on the rise.
Toncoin seems to have good market dynamics with the 24-hour trading volume set at $193,996,427. This volume level is indicative of TONs increasing activity as more and more traders come into contact with the asset as well as its environment.
With stabilization of TONs price, the network register more trading activities on its DEX platforms, with STON.Fi leading the pack. The growth of the network in new addresses demonstrates the continued interest in decentralized trading and places TON as an important part of the DeFi ecosystem.
Read more: https://www.tronweekly.com/ton-network-sees-surge-in-dex-activity-ston-fi/
Text source: TronWeekly
