Cosmos-powered dYdX claims top spot in DeFi, beats Uniswap in daily trading
Decentralized finance (DeFi) protocol dYdX’s Cosmos-based market surpassed one of Uniswap’s markets as the largest decentralized exchange (DEX) by 24-hour trading volume on Jan 18.
Data tracking platform CoinMarketCap showed that dYdX’s v4 version based on the interchain protocol Cosmos recorded a 24-hour trading volume of almost $757 million. The surge in trading volume for dYdX led it to surpass Uniswap v3’s Ethereum market, which recorded a volume of $608 million during the same period.
#dYdX Tops #Uniswap as Largest DEX by Volume
— Ajay Kashyap (@EverythingAjay) January 18, 2024
The decentralized exchange, which last year moved over to the Cosmos blockchain, just saw $757 million of volume over a 24-hour period pic.twitter.com/dye8ZFw46l
At the same time, dYdX’s v3 market, which is still active, was in third place with around $567 million. The Polygon-based Kine Protocol took fourth place with $361 million.
In its 2023 year-end report, dYdX said that its DEX had surpassed $1 trillion in total trading volume since its inception, and there were “several days” when its 24-hour trading volume had exceeded $2 billion.
DYdX allows users to engage in perpetual trading , which lets investors place buy or sell orders at fixed prices indefinitely, with no expiration date. This differs from spot trading, which involves trading crypto on the spot based on the market prices.
Related: dYdX identifies attacker, considers legal action over $9M loss
In a 2023 interview with Cointelegraph, dYdX Foundation CEO Charles d’Haussy discussed the organization’s plans to move its ecosystem from the Ethereum network to Cosmos. At the time, d’Haussy said that dYdX was not expanding but fully migrating to Cosmos. He said its Ethereum-based DEX would close a few months after the Cosmos-based platform goes operational.
Magazine: DeFi’s billion-dollar secret: The insiders responsible for hacks
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Solana-based social graph protocol Tapestry raises $5.75 million in Series A funding
Tapestry raised $5.75 million in a Series A round co-led by Union Square Ventures and Fabric Ventures.Tapestry is a Solana-based social graph protocol designed to create an ecosystem of applications with social features.
The Daily: Trump 'receptive' to an 'America-first' crypto reserve, XRP hits new all-time high and more
President-elect Donald Trump is open to creating an “America-first” crypto reserve prioritizing U.S.-based coins like USDC, SOL and XRP, the New York Post reported, citing sources familiar with the matter.XRP hit a new all-time high of around $3.39 via major crypto exchanges on Thursday for the first time since January 2018, following a 16% surge in 24 hours and a 455% rise over the past quarter.A Litecoin ETF is the “most likely” next spot crypto ETF to be approved in the U.S., according to Bloomberg anal
Ripple CEO Says SEC's Opening Brief Is 'Definition of Insanity'
BTC breaks through $99,000