Hi everyone! I imagine all of us have noticed the sea of red in the majority of altcoins, and this is not an isolated event. It seems to be related to Upbit, the Korean exchange, having to delist several coins and the subsequent liquidation of them. This highlights the impact of CEXs in the crypto market.
In this clip:
- Upbit is delisting several coins, potentially including Hive, and liquidating assets
- Hive's trading volume is 100% on CEXs, primarily Binance
- Every CEX delisting or new regulation affects the crypto market
- Hive's price is more vulnerable with 100% of the trading volume on CEXs
- We built LeoDex as a solution to this vulnerability
Hive's price dropped below $0.25 last week, and we learned this was due to the Korean market and Upbit being forced to delist a number of coins, potentially including Hive, leading holders to sell and triggering a liquidation.
With these delistings and other exchanges implementing KYC, the places to trade Hive are limited, with almost 100% on Binance, which has already restricted non-KYC options. Having all our volume concentrated in one CEX is very risky, which is why we need DEXs. I have advocated for this for a while, and this situation confirms my thesis.
Now, we have the solution at hand: LeoDex. We aim to capture 10% of Hive's trading volume on Binance, which, in the grand scheme, is not much but would diversify our position. The way LeoDex operates will benefit both the LEO economy and the HIVE economy.