China Bans Cryptocurrencies, So Momentum Litedex.io and other Dex Platforms Find Money


The Chinese government’s decision to prohibit the use of crypto in the Bamboo Curtain country has made BTC, ETH and the majority of the crypto market fall again.

This is the second FUD (Fear, Uncertainty and Doubt) from China, at almost the same time. The first FUD appeared, when the Chinese real estate giant, The Evergrande Group experienced a financial crisis.

Although the prohibition policy dumped the majority of crypto assets, the Defi sector tokens were not affected by Chinese policies, such as Uniswap, Pancakeswap and ShusiSwap.

From observations on coinmarketcap.com, Sunday (26/09/2022), UNI coin had skyrocketed more than 23 percent.

This shows that crypto assets that have decentralized underlyings are not so affected by a country’s policy of prohibiting the use of cryptocurrencies.

This is also a good momentum for litedex.io to present its defi products, such as LDX Token.

The LDX Token itself has been verified on the Binance Smart Chain and will soon be listed on its own platform, litedex.io and several other global platforms.

“As is well known, digital asset transactions with an underlying decentralized exchange do not involve third parties. This means, it is directly carried out from one user’s wallet to another user’s wallet, based on blockchain technology,” said Litedex.io’s Chief Strategy Officer, Harris Sutresna.

It is this transaction scheme that makes crypto assets in the Defi sector based on Decentralized Exchange, such as UNI, skyrocket, even though the market is under tremendous pressure from several countries that are fighting cryptocurrencies.

On the other hand, crypto products from the Non-Defi sector were greatly affected by the Chinese FUD.

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