- KuCoin Labs release a comprehensive Q2 crypto market report
- The centralized exchange will need to conform to decentralized trends
- DeFi and NFT markets setting the trend in blockchain development
According to a quarterly report released by KuCoin, non-custodial or decentralized exchanges are slowly taking over the market and overtaking their centralized counterparts in user volumes. The report covers trends and developments in the crypto and blockchain space.
The Q2 report revealed the need for centralized exchanges to rebuild and conform to new decentralized trends to maintain market share. The report also shows that memecoins and NFT followers are likely to become dApp users, which will further boost decentralized exchanges' popularity.
Notably, ETH and BTC addresses have grown over the Q2 period, with the growth most likely attributed to the growing interest in the NFT industry. The report also noted that DeFi and NFT markets had become important parts of the blockchain industry, enough to set the trend for new blockchain developments to meet modern DeFi and NFT trends.