User interactions on DEXs have continually increased, with traditional centralized exchanges falling behind. Cryptocurrency exchanges must reach a mass audience or a small audience of large-scale traders to continue trading.

Amid numerous user interactions, cryptocurrency market platforms have been gaining volume and influence. Although decentralized exchanges have grown faster than centralized ones, the latter still retain their relevance.

Unlike centralized exchanges, decentralized exchanges fulfill functions that go beyond the control of a central authority. That means that the nodes (or computers) and the developers distributed in different places make the decisions together.

Cryptocurrency Exchanges Have Grown Quickly

Data from Chainalysis reveals that the evolution of cryptocurrency-related platforms has been exceptional in the last two years. The participants in both large purchases and retail investments have influenced the observed growth.

The events earlier this year suggest that cryptocurrency exchanges have gained relevance by up to more than 100% in some particular cases. That happened with decentralized exchanges (DEX), which have achieved an average growth of over 200%.

User interactions increased somewhat continuously to the point where traditional centralized exchanges (CEX) fell behind. From that perspective, the rise registered by those platforms reached 120%, while they could not maintain the percentage, which returned to 100%.

CEXs Maintain Their Space Despite the Superiority of DEXs

The growth of DEXs exponentially outpaced that of centralized exchanges, which have not disappeared. On the contrary, they retain an influence on the operations of the markets and have grown recently.

The popularity of DeFi technologies has overshadowed the strengthening pace of CEXs, in terms of their role as exchange platforms. However, that situation does not imply any significant pullback among centralized exchanges, which have gained more attention.

The Largest Cryptocurrency Exchanges Achieve Greater Reach

The comparison between DEX and CEX seeks to determine which of them will dominate the markets. The hasty expansion of both types of platforms is a pattern that has repeated itself in recent months. When new decentralized or centralized exchanges with greater reach have emerged, the smallest ones have remained outside.

According to data from Chainalysis, cryptocurrency exchanges must reach a mass audience or a small audience of large-scale traders. That would help those platforms to continue operating in the long term.

Decentralization Offers More Advantages to Cryptocurrency Investors

Decentralization in the field of cryptocurrencies means there is greater confidence in trading those assets. People seek to decentralize processes to make them more efficient and transparent than if a single entity controlled them.

The situation is the same when it comes to decentralized cryptocurrency exchanges, as transactions occur efficiently. However, although blockchain technology allows the high decentralization of the financial system, it has not yet had its counterpart in those platforms.

Exchanges are essential to the world of cryptocurrencies since all the factors in the community can communicate through them. Traders can conduct their transactions freely, allowing the value of crypto assets to fluctuate thanks to supply and demand.

By Alexander Salazar

Markus compared the cost of Dogecoin to that of Bitcoin and Shiba Inu, saying that the former had lower transaction fees. Musk’s posts on Twitter caused DOGE’s popularity to soar and other meme cryptocurrencies to emerge.

Tesla CEO Elon Musk believes that Dogecoin is superior to Bitcoin and Shiba Inu, regarding its use as a form of payment. DOGE co-creator Billy Markus shared on Twitter a comparison of the cost of transaction fees for those cryptocurrencies.

Markus said that Dogecoin is the best cryptocurrency to conduct transactions thanks to its low network fees. He noted the charges for trading DOGE are close to nothing, while those for Bitcoin and SHIB are around USD 3.50 and USD 38.00, respectively. It is so expensive to send Shiba Inu because that token is on the Ethereum network.

Dogecoin recently released a new update that made it cheaper to send securities through the network. Likewise, Elon Musk shared his thoughts on Dogecoin’s latest software update on Twitter, describing it as crucial.

The billionaire businessman made that comment shortly after the announcement of the launch of Dogecoin Core 1.14.5. This long-awaited update allows the reduction of rates for all users.

The developers introduced the default values in the previous minor version of the software, the first phase. In doing so, they sought to prepare the network for the latest network upgrade.

Elon Musk Confirms He Does Not Own Shiba Inu

Although Musk confirmed that he did not own any SHIB tokens, that did not stop the second canine cryptocurrency from growing. The crypto meme managed to reach record highs and briefly exceeded Dogecoin.

DOGE’s popularity soared as a result of Musk’s posts on Twitter. After that, a large number of dogecoins and other meme tokens joined the industry. One of them was SHIB, which has achieved a market capitalization similar to that of DOGE. Furthermore, the team behind SHIB also developed what they called the Doge Killer (LEASH).

Another token, called Dogelon Mars (ELON), is trying to capitalize on the current hype of meme cryptocurrencies. Its developers drew inspiration from Tesla CEO Elon Musk and his love of space travel.

The relevant role of social networks in the growing adoption of meme tokens and Dogecoin is undoubted. Musk is one of the market forces that have indirectly influenced DOGE’s price movements the most. He has managed to increase his value significantly through his sporadic posts on Twitter.

Musk’s passion for the Dogecoin meme cryptocurrency has led him to purchase a Shiba Inu breed dog. However, that show of love has already sparked the creation of other currencies on the market. That proves the enormous influence that the posts of renowned figures have on the prices of those assets.

DOGE is trading at around USD 0.26 and has accumulated a 0.8% profit in the last 24 hours. Its daily trading volume is above USD 1.6 billion, and its market capitalization is approximately USD 35 billion. The cryptocurrency meme occupies 9^th position in the cryptocurrency ranking, preceding SHI, according to CoinGecko.

By Alexander Salazar

The miners promised to operate without threatening Kazakhstan’s energy security. The Kazakh government official acknowledged the “high potential of the blockchain industry.”

Kazakhstan seems to be moving towards a healthy coexistence with Bitcoin (BTC) mining, an activity that has increased significantly since May in that region. The government highlighted that miners who comply with the policies would not suffer any power restrictions and disconnections.

This situation is relevant because that Asian country concentrates 18% of the global hash rate due to the prohibition of activity in China, which generated a significant exodus of BTC miners.

During a meeting between the Minister of Electric Power of Kazakhstan, Magzum Mirzagaliev, and various representatives of the cryptocurrency environment, the government officially recognized the high potential of the blockchain industry, for which he saw it necessary to join forces for its further development.

Mirzagaliev said he is a supporter of dialogue, so he encouraged the miners to jointly search for solutions to ensure the reliability of the power system. According to the minister, the miners promised to carry out their activities without threatening the energy security of Kazakhstan.

According to the miners, they reported that some might consider purchasing electricity from the Kazakh state. This decision got added to the intention to invest in generating new energy sources to mine cryptocurrencies.

The miners also proposed to the Ministry of Electric Energy new changes and additions to the local legislation related to the requirements and criteria for those who mine cryptocurrencies, allowing them to find and act against the so-called grey miners.

In that country, grey miners are the most vital operators that hide the electric consumption by mining and get settled in farms located in places where the growth in energy use is unpredictable, such as the towns in the south of that country. These miners, according to the law, must register with the government and legalize their business to continue their work.

With such grey miners, of course, it is necessary to fight with the combined efforts of state bodies and associations. So we can achieve results, “said Salzhanov.

The parties highlighted their intention to continue their joint work, to stabilize the electricity market and create the proper conditions for the development of digital mining as a new industry.

There Are Contradictions About the Situation

This meeting and support for bitcoin miners in Kazakhstan come just days after the Senate approved a bill that sets up the regulation of this activity and others related to cryptocurrencies because they think that financial crimes would take part in these activities.

For the deputy Olga Perepechina, the people who issue, organize the trade of digital assets, and exchange them for fiat money, securities, and other properties, are out of financial monitoring, which leads to possible money laundering and terrorism.

The law even intends to classify all those who operate with bitcoin as subjects of financial monitoring, being obliged to notify the Ministry of Digital Development, Aerospace Industry, and Defense of the start or end of activities.

By: Jenson Nuñez