DYdX, a decentralized cryptocurrency derivatives exchange, is recording an increase in user activity amid difficulties for Chinese traders to access centralized platforms. Huobi previously restricted access to derivatives from China and announced over the weekend that it would shut it down to its entire platform by the end of the year.
As the founder of the project, Antonio Giuliano, noted with reference to data from CoinGecko, on Saturday dYdX for the first time bypassed the American exchange Coinbase in terms of trading volumes. Since his announcement, turnover on dYdX has almost doubled to $ 6 billion, while on Coinbase it is $ 3.5 billion.
“I left Coinbase 5 years ago and subsequently founded dYdX,” writes Giuliano. – Today dYdX processed requests for a higher amount than Coinbase for the first time. If you want to start your own startup someday, your best bet is to find a great, growing startup where you can work and learn. ”
5 years ago I left @coinbase and eventually founded dYdX
– Antonio | dYdX 🦔 (@AntonioMJuliano) September 26, 2021
CoinGecko data shows dYdX trading volumes have increased by almost 20,000% over the past six months:
Coinbase’s turnover increased by 6% over the same period. The exchange peaked in transaction volume of about $ 19 billion at the end of May, along with a market decline from record highs.
Chinese journalist Colin Wu previously admitted an influx of local traders to decentralized trading platforms:
“A lot of traders from China will come to the DeFi world and the number of MetaMask and dYdX users will increase dramatically. All the Chinese communities are now discussing learning about DeFi. “
Investors, meanwhile, are betting on their own tokens of decentralized platforms. The dYdX token, which began to circulate on the market in the first half of the month, has risen in price by 50% over the last 24 hours to a new maximum of $ 22. The Uniswap token (UNI) gained 35% in 24 hours, but it still remains in the red by 10% in 30 days, and SushiSwap (SUSHI) increased by 27% over the day.
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