The decentralized exchange, dYdX ETHDYDX/USD, has outperformed Uniswap UNI/USD, becoming the dominant decentralized exchange (DEX) by daily trading volume.
What Happened: As per a CoinDesk report on Sunday, data from CoinMarketCap reported that dYdX, which migrated from Ethereum ETH/USD to Cosmos, posted a daily trading volume of $757 million. This outperformed Uniswap v3’s volume of $608 million.
Meanwhile, the v3 version of dYdX, which remains operational, logged a volume of $567 million, taking the third spot.
In 2023, dYdX’s v3 recorded over $1 trillion in trading volume, with several days exceeding $2 billion. The total trade volume for its v4 market since going live is $17.8 billion.
Despite apprehensions about dYdX’s shift from Ethereum to Cosmos, the robust trading volumes demonstrate the success of the company’s choice.
dYdX is known for its perpetual futures trading, enabling investors to bet on the price of a given asset. The platform made a shift to v4, a fully decentralized chain, as opposed to its previous v3 chain. The firm intends to shut down the v3 on Ethereum, although a specific closure date is yet to be announced.
Pantera, Paradigm, and Delphi Digital are among the companies backing dYdX.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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