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.
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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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