How Bitcoin’s election-fueled surge failed to lift DEX tokens like UNI, CAKE

Dex tokens PancakeSwap (CAKE) is down 40% since the start of the year while Uniswap (UNI) is hovering 78% below its all-time high.

The divergence in performance of DEX tokens suggests that while decentralized exchanges are a foundational component of DeFi, they face adoption challenges.Bitcoin skyrocketed in the wake of the US election outcome with the price surpassing its previous March year high. The flagship cryptocurrency posted another unusual leap this week.In the latest price action, Bitcoin shot up above $82,00 early Monday before accelerating further to set a daily high just shy of $90,000 at press time.

However, the native tokens tied to DEX platforms like Uniswap and PancakeSwap have for the most part remained underwhelmed despite tracking modest gains.and Synthetix were on the extreme end – both down more than 40% year-to-date and hovering 95% below their respective historical highs.The performance of DEX tokens sharply contrasts that of Bitcoin whose price has doubled since the start of the year, and Ethereum, which was last spotted trading 45% higher on the YTD chart.

The majority of centralized exchanges including Binance, KuCoin and OKX have debuted and incentivized their own token offerings with benefits like lower fees. In recent market cycles, retail traders have been swayed by other emerging narratives like RWA and AI which has in turn dampened the hype around DEXs tokens.

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