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Decentralized finance (DeFi) is becoming more and more popular. Decentralized exchanges (DEX) are a type of DeFi that allows users to trade freely and anonymously on a blockchain. This study focuses on how external factors affect the adoption of DEXs and provides suggestions for the development of the entire DEX industry. The study finds that the expansion of the DeFi industry has a significant impact on the adoption of DEXs, so DEXs should cooperate to develop the industry instead of focusing on competing for a larger share of the existing market. Some other external factors also have an impact, such as technological innovation, partner integration and community support. As DeFi is closely related to the adoption of DEX, the study also discusses the external factors that may affect the adoption of DeFi, namely trust, infrastructure and regulation.

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External Factors that Affect the Adoption of Decentralized Exchanges (DEX) for Cryptocurrencies: The Case of Curve DEX

  • 章节

  • 发表日期：

    2025年

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  • Yuan Yao,
  • Alex Zarifis

摘要

Decentralized finance (DeFi) is becoming more and more popular. Decentralized exchanges (DEX) are a type of DeFi that allows users to trade freely and anonymously on a blockchain. This study focuses on how external factors affect the adoption of DEXs and provides suggestions for the development of the entire DEX industry. The study finds that the expansion of the DeFi industry has a significant impact on the adoption of DEXs, so DEXs should cooperate to develop the industry instead of focusing on competing for a larger share of the existing market. Some other external factors also have an impact, such as technological innovation, partner integration and community support. As DeFi is closely related to the adoption of DEX, the study also discusses the external factors that may affect the adoption of DeFi, namely trust, infrastructure and regulation.