Cryptocurrency DEXT experiences a surge of 36% within a month, as traders prioritize utility tokens showcasing practical applications
In the rapidly evolving world of decentralized finance (DeFi), DEXTools, a DeFi intelligence layer for on-chain traders, has experienced significant growth and development over the past month. This growth, which has resulted in a 36% surge in DEXT, the native token of DEXTools, is largely attributed to enhanced utility features within the DEXTools ecosystem and ongoing token burn programs.
Enhanced Utility and Token Burns
The surge in DEXT is largely driven by the enhanced utility within the DEXTools ecosystem and ongoing token burn programs that have reduced the total supply by 9% in 2024. Over 1 million tokens were burned recently as part of these efforts [1][2]. These token burns maintain deflationary pressure, making DEXT a more valuable asset within the ecosystem.
Platform Growth and User Activity
DEXTools reports over 20 million monthly users active across 124 blockchains, indicating widespread adoption and platform scale. This growth supports increased demand for DEXT as an operational asset within the ecosystem [1][2].
New Integrations and Features
The platform expanded its utility by integrating its analytics dashboards with Solana-based projects Saros and Meteora, enhancing real-time data access for users. Additionally, DEXT tokens are now used for raffle entries on RAFLDex and to unlock community access tiers for holders with at least 1,000 tokens [1][2].
Security
DEXTools has maintained a strong security record, marking five breach-free years, which is notable in the often-exploited DeFi sector and adds confidence for on-chain traders and investors [5].
Looking Ahead
Looking ahead, DEXTools plans to continue expanding its toolset, user base, and integrations across more blockchains, further enhancing the utility and demand for DEXT tokens while maintaining deflationary tokenomics through ongoing burns. The focus remains on providing real-time, accessible on-chain analytics and data intelligence to empower DeFi traders globally [1][2].
Current Market Trend
The current market trend favors tokens tied to functioning ecosystems, valuing them higher. As such, DEXT is positioned as a functional DeFi asset that provides tangible ecosystem value rather than mere speculation [1][2].
Price and Circulating Supply
As of now, DEXT is trading at around $0.41, with a circulating supply of approximately 77.62 million DEXT tokens [3]. The token destruction in DEXTools is publicly tracked through a dedicated burn dashboard [4].
For more information about DEXTools, its offerings, and how to get involved, visit dextools.io.
[1] DEXTools Blog Post [2] DEXTools Medium Post [3] CoinMarketCap [4] DEXTools Burn Dashboard [5] DEXTools Security Report
- In the DeFi sector, the growth of DEXTools has been significant, driven by enhanced utility features within its ecosystem and ongoing token burn programs, making DEXT a more valuable asset.
- The increased use of DEXT tokens for raffle entries on RAFLDex and to access community tiers on DEXTools is an example of the platform's expanded utility, further boosting the demand for DEXT.
- As a functional DeFi asset, DEXT is in favor with the current market trend that values tokens tied to functioning ecosystems, rather than mere speculation. The ongoing token burn programs and expansion of DEXTools' toolset, user base, and integrations across more blockchains will likely continue this trend.
