dYdX Decentralized Exchange Outperforms Uniswap with $757M 24-Hour Trading Volume
Summary:
The decentralized finance protocol, dYdX, has outperformed Uniswap to become the largest decentralized exchange (DEX) by 24-hour trading volume. This was achieved by the Cosmos-based market of dYdX, which recorded a high of $757 million, surpassing Uniswap v3's Ethereum market, that registered $608 million within the same timeframe. dYdX's functioning allows perpetual trading, making it distinct from other platforms facilitating spot trading.
In 2023, CEO Charles d’Haussy confirmed that dYdX intends to completely transition from the Ethereum network to the Cosmos network.
In a recent turn of events, dYdX, a decentralized finance (DeFi) protocol's market based on the Cosmos interchain protocol has outperformed one of Uniswap's markets, thus becoming the largest decentralized exchange (DEX) by 24-hour trading volume as on January 18th. The data analysis platform, CoinMarketCap put forth that the trading volume recorded by the Cosmos-based version (v4) of dYdX reached a high of $757 million in a single day. This spike in trading resulted in dYdX outpacing Uniswap v3's Ethereum-based market, which managed to register a trading volume of $608 million for the corresponding timeframe.
On the same day, the v3 market of dYdX, which remains operative, secured the third position with a trading volume nearing $567 million. In fourth place, we had Kine Protocol, based on the Polygon blockchain, with $361 million.
In dYdX's report wrapping up the year 2023, it conveyed that its DEX had crossed the $1 trillion mark in total trading volume since the advent of the platform. It also cited instances when the platform's 24-hour trading volume grossed over $2 billion.
dYdX has the functionality of facilitating perpetual trading that lets investors put in buy or sell orders at unchanging prices for an unspecified duration. This strategy is in contrast to spot trading that involves instant trading of cryptocurrency based on prevalent market prices.
In an exclusive chat with Cointelegraph in 2023, Charles d’Haussy, the CEO of dYdX Foundation conveyed the institution's decision to completely transition its ecosystem from the Ethereum network to the Cosmos network. Contrary to the speculations about expansion, d’Haussy clarified that dYdX intends a complete shift to Cosmos and that its Ethereum-aligned DEX will be phased out a few months post the commencement of the Cosmos-built platform's operations.
Published At
1/18/2024 12:47:40 PM
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