Happy Monday, Blockfolians

The Lede

As if you needed more proof of how rapidly decentralized exchanges are growing, Uniswap officially had more volume than Coinbase for the month of September. Uniswap’s $15.4B convincingly beat Coinbase’s $13.6B.

Perhaps even more important is the DEX-to-CEX ratio. That number was just 6.06% in August, but grew all the way to 13.9% in September.

This growth may not reflect a whole large new group of retail traders adopting DEXes. More likely, it reflects how much of the mainstream crypto community’s attention is firmly focused on DeFi right now.

We expect both overall DEX volume and the DEX-to-CEX ratio to do nothing but increase.

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Highly Relevant Reading

• Romania’s government is set to auction off seized crypto for the first time

• SEC chief Clayton says all stocks could one day be tokenized

• Thai central bank issues $1.6B in gov’t bonds on the blockchain

• Estonia becomes the latest central bank to start CBDC research

Community Commentary

You’re not the only one, Toby.

Toby ☕️ @tobydoyhowell

Just tried to explain to my mom why 2-3% inflation is good and realized that I don’t really understand why 2-3% is good

October 5th 2020

80 Retweets1,409 Likes

FinTwit, meet Bitcoin Twitter.

Sven Henrich @NorthmanTrader

The Fed has also killed critical thinking, risk management, diversification, creative destruction and capitalism. On the flip side it has promoted recklessness, asset bubbles, rising wealth inequality & speculative excess. But the Fed knows what's best.

Pomp 🌪 @APompliano

The Fed killed 60/40 portfolios

October 5th 2020

30 Retweets126 Likes

A Really Big Number We Should Be Paying Attention To

$169 Billion

That was the total (legitimate) trading volume last month - the second highest in 2020 after August.

Final Thought

LOL.

RD ₿TC @RD_btc

Watch out for Defi Magicians 😳

October 5th 2020

11 Retweets48 Likes