From January 17 to 18, trading volumes on the decentralized exchange dYdX v4 exceeded $675 million. According to CoinMarketCapit beat out the Uniswap v3 DEX on Ethereum by more than $100 million.
Daily trading volumes on decentralized exchanges. Source: CoinMarketCap.
According to reportsince its launch, the total trading volume of dYdX v4 has amounted to $17.8 billion. The exchange team also reported that in 2023, trading volume on dYdX v3 exceeded $1 trillion.
In October 2023, the developers announced the transition of the project from Ethereum to Cosmos. Before the release, they revealed the source code of the blockchain. The testnet was launched back in July 2023.
Venture investor and partner at Pantera Capital Paul Veradittakit believesthat users are interested in high throughput exchanges for fast and seamless trading. Meanwhile, high commissions on the Ethereum network create a number of difficulties and reduce the profit and attractiveness of trading platforms, he noted.
Amid the news of the exchange's daily volumes, the DYDX token has risen by more than 10% over the past 24 hours. At the time of publication, the asset is trading around $3.2, according to TradingView.
Last November, the dYdX team announced a program to pay trading rewards to validators and stakers.
Source: Cryptocurrency
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