Dollar/Yen Trading Volume Surpasses BTC
The US dollar-Japanese yen (USD/JPY) pair has become the most traded on the decentralized finance (DeFi) leveraged trading platform Gains Network, replacing the bitcoin-dollar pair (BTC/USD).
Gains Network, initially released on Polygon and later on Arbitrum, allows users to trade financial derivatives of cryptocurrencies, foreign exchange, and commodities using smart contracts.
The USD/JPY pair has a registered trading volume of $21.64 million in the past 24 hours, nearly 40% greater than BTC/USD’s $15.51 million and highest among all assets. GBP/USD is the third most traded pair, while EUR/JPY takes the fifth spot.
Despite the daily turnover in the global foreign exchange market being worth over $7 trillion, bringing a significant portion of it on a decentralized platform is challenging due to scaling issues.
(With inputs from Shikha Singh)
You need to login in order to Like
