China's demand for DeFi is growing; In such a way that Chinese exchanges are under heavy pressure, users' funds have been transferred to farming protocols.
Despite the recent heavy sell-off, which reduced $ 2 billion of the total locked-in capital of Difai, China's demand for Difai seems to be growing. DeFi's daily search on the Chinese social network WeChat peaked at nearly 900,000 on September 2 - almost double the previous record of 500,000. Chinese journalist Colin Wu reported that many Chinese exchange offices are suffering from liquidity problems as customers withdraw large amounts of their assets from the exchange account to transfer to Diffie protocols.
Wu released charts showing that many Chinese traders who recently bought Ether (ETH) after a drop in prices quickly shifted their interest-bearing assets to decentralized exchanges (DEX). In response, many exchanges suspended withdrawal services, resulting in a "coin withdrawal campaign." Wu believes that the prevalence of Difai weird coins among Chinese exchanges is a defensive move to prevent the transfer of capital to decentralized exchanges.
A Chinese cryptocurrency reporter named Molly tweeted that "Chinese investors have been raising funds to set up a 'farming fund', which has boosted demand for defai." "They are themselves." DeCi Pulse's search for the word "Defi" on WeChat coincided with the value of all assets locked in Difai reaching a new record, which fell from $ 9.5 billion on September 2 to about $ 7.5 billion on September 6, according to a DeFi Pulse news source. . DeCi searches on WeChat also dropped to 450,000 during the same period. At the time of writing, Defy's value is $ 8.1 billion. Uniswap is in first place with $ 1.57 billion, followed by Aave with $ 1.37 billion and MakerDAO with $ 1.29 billion.
China