Crypto news for the exchange Uniswap, Binance loses with the DEX

Uniswap launches a permissionless bridging feature that allows fast and secure transfers between nine different blockchains, while Binance loses market share in favor of DEX exchanges, marking a change in the crypto landscape.

Below are all the details. 

The exchange Binance loses ground while DEX gain space in the crypto market: the news of Uniswap 

Uniswap, one of the leading decentralized exchanges (DEX) in the world, has recently introduced a new feature that promises to change the way users handle cross-chain transactions.

The long-awaited permissionless bridging feature, supported by the innovative protocol Across, allows users to transfer assets between nine different blockchains directly from the Uniswap interface or the Uniswap wallet. 

This marks an important step forward towards the creation of a more integrated and accessible ecosystem for all those who use criptovalute.

One of the main challenges in the world of cryptocurrencies has been the management of cross-chain transactions, which often involve long waiting times and security risks. 

The Across Protocol, which powers the new bridging functionality of Uniswap, addresses these issues thanks to its decentralized network of liquidity pools and relayers. 

This innovative infrastructure allows for the connection of assets without the need for complex authorizations. Thus ensuring a fast and secure experience for users.

Unlike other protocols, Across is the only one currently in production that stands out for the efficiency with which it handles cross-chain transactions. 

The use of decentralized liquidity pools reduces waiting times, while decentralized relayers ensure that transactions are executed securely and smoothly.

With the launch of permissionless bridging, Uniswap users can now execute transactions involving native assets like ETH and ARB, as well as stablecoins, across nine different blockchains.

The supported networks include Ethereum, Arbitrum, Polygon, ZKSync, Base, Zora, Blast, OP Mainnet, and World Chain. 

This new feature addresses one of the most frequent requests from the Uniswap community. That is, the request for a simpler and safer way to manage cross-chain transactions without having to resort to external services.

UniChain: the new solution to tackle the challenges of DeFi

Uniswap Labs has emphasized how the introduction of this feature is part of a broader commitment to promote a multi-chain ecosystem. 

Currently, over six million Uniswap users interact with different blockchains. Until today, asset bridging often required the use of third-party services with complex interfaces and prolonged transaction times. 

Thanks to the new bridging function, Uniswap aims to simplify this process, allowing users to make transactions in seconds, making everything more efficient and secure.

Uniswap Labs did not stop at the launch of the permissionless bridging. Recently, the company also introduced UniChain, a layer-2 solution designed to address some of the main challenges of decentralized finance (DeFi). 

In particular, those related to cross-chain liquidity. With UniChain, Uniswap aims to further improve the user experience in the DeFi sector, offering even faster transactions and reducing gas costs for operations on multiple chains.

Questo sforzo dimostra la dedizione di Uniswap nell’innovare continuamente per soddisfare le esigenze di una base di utenti in crescita e sempre più esigente. 

As the cryptocurrency sector evolves, the company remains at the forefront in developing new solutions to address the complexities of DeFi, positioning itself as the undisputed leader in the DEX sector.

Binance loses market share in favor of DEX

In the meantime, the landscape of cryptocurrency exchanges is undergoing a significant change. Binance, the largest centralized cryptocurrency exchange (CEX) in the world, is losing market share. 

On the other hand, decentralized exchanges (DEX) like Uniswap are gaining momentum. 

According to a report by 0XScope, the spot trading volume of Binance has decreased from 52.5% in October 2023 to 39.5% in October 2024, a decline of 13% year-on-year.

This decline is also reflected in the trading of Binance’s crypto derivatives, whose market share decreased by 8.4% in the same period. 

In contrast, smaller exchanges like Bybit, Bitget, and OKX have seen their market share increase. 

Bybit, for example, moved from 7th place in 2023 with a market share of 3.2% to 2nd place with 8.51%, more than doubling its share. Similarly, OKX gained ground, moving from 5.4% to 6.38%.

The decline in Binance’s market share is attributable to several factors, including the legal challenges that the exchange has faced in recent years. 

However, a key factor is the growing preference of users for decentralized exchanges, which offer greater security and autonomy in transactions. 

Unlike CEX, DEX do not require the custody of users’ funds, thus eliminating the risk of misappropriation or security breaches.

In the last year, the trading volumes of DEX have exceeded 250 billion dollars per month on multiple occasions, marking a significant growth compared to previous years. 

The trading volume of DEX spot now represents 13.6% of the total, a figure that highlights the rise of these platforms in the bull sector of cryptocurrencies.