InstaForex

September 27, 2021

Uniswap (UNI) & SushiSwap (SUSHI) Don't Care About China, Continue to Show Glorious Achievements

 Decentralized exchanges or exchanges (DEX) such as Uniswap (UNI) and SushiSwap (SUSHI) were fortunate not to be impressed by China’s harsh warnings regarding cryptocurrency transactions declared illegal.


The existence of a peer-to-peer (P2P) transaction feature without involving third parties such as banks, allowed UNI to jump by almost 32% and SUSHI by 21.20% in 24 hours and push Bitcoin (BTC) to record highs by incredible margins.


At the same time, the situation was the opposite as the centralized exchange (CEX) saw negative crypto trading.


According to Synergia Capital’s head of research Denis Vinokourov, China’s introduced crypto restrictions are unlikely to bring profits to stablecoin Maker, DAI versus Tether (USDT).



The main factors driving this shift can be seen in the support of layer-1 and layer-2 financial decentralized (DeFi) and non-fungible tokens (NFT) solutions.


For those who missed it, the People’s Bank of China (PBOC) has announced all activities related to digital assets, including cryptocurrency trading are illegal.


Not only that, the PBOC also revealed Bitcoin (BTC), Ethereum (ETH), and USDT were launched by decentralized entities or more accurately, central banks.


The statement has dragged down the prices of BTC, ETH, and USDT, and even caused Huobi and Binance to withdraw from continuing to offer services to Chinese consumers.


However, at the time of writing BTC recorded an increase of 4.5% with a current value of $ 43,851, ETH was worth $ 3,099 (+10.36%) in 24 hours. While UNI and SUSHI still maintain the same record.