The CEO of the Waves platform, Sasha Ivanov, stated recently that decentralized crypto exchanges can eliminate fake trading volumes from the crypto market. Sasha also added that decentralized crypto exchanges (DEX) are also much more reliable than centralized trading platforms. Sasha, who is also the CEO of blockchain start-up Vostok, is quite positive that decentralized exchanges are quite effective in removing fake volumes.
Binance CEO, Changpeng Zhao, had also made a similar point on the basis of his analysis. He showed how major crypto exchanges have been intentionally creating fake trading volumes. The research group, Crypto Exchange Ranks (CER), carried out an investigation. They examined the trading volumes on CoinEx, BitForex, and FCoin and found that all these exchanges which were recently established, are already being considered as top crypto exchanges.
The researchers closely monitored the three crypto exchange’s social media activities and the amount of traffic on their websites. CER’s researchers then mentioned that they compared the operations of these exchanges to well-established exchanges like Kraken and UPbit.
The three newer exchanges did not have as much social media presence, active users, or online traffic, as per the group’s findings, to realistically have trading volumes as high as they projected. This was all the more hinting that decentralized crypto exchanges can certainly rule out such fake trading volumes. CER’s research group said that after their analysis, it is quite evident that BitForex is pumping its trading volume using wash trade.
CER’s analysis pointed out that BitForex is probably manipulating its trading volumes. It further added that it is quite cheap and easy to artificially boost trading volumes via bot trading or wash trading on centralized exchanges.
As mentioned in the CryptoGlobe report, owing to these kinds of issues and the high rate of security breaches and hacking on centralized exchanges, a lot of crypto exchanges are now developing decentralized exchanges to eliminate this trend of fake trading volumes.
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