dYdX overtakes Uniswap in daily trading volume with a $757 million figure

The fourth version of the Cosmos-based protocol was not launched until November 28

18.01.2024 - 07:45

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3 min

What’s new? The dYdX protocol of the fourth version, operating in the Cosmos ecosystem, has overtaken Uniswap v3 based on the Ethereum blockchain in terms of daily trading volume and has taken first place among decentralized exchanges (DEXs). According to data from aggregator CoinMarketCap, the figures amounted to $757 million and $608 million, respectively. In addition, dYdX v3, which also continues to operate in Ethereum, reached a figure of $567 million and ranked third. Also in the top five were Solana-based Orca and Jupiter.

CMC’s data

What else is known? The dYdX team decided to move the project to the Cosmos ecosystem due to the slow transaction processing speed in Ethereum. The Cosmos-based dYdX Chain was deployed on October 26 last year, with a beta testing phase from November 13 to 28, followed by a full-fledged launch.

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Since its launch, the total trading volume of dYdX v4 has exceeded $17, billion. In addition, at the end of last year, the protocol figure of the third version exceeded $1 trillion, and several times the daily figure rose above $2 billion. Despite this, the Ethereum-based v3 will be closed in the future, but the exchange’s team did not specify the timing.

On December 1, dYdX unlocked 150 million native tokens DYDX worth $475 million. The volume of unlocking amounted to 30% of the volume intended for investors and project team members.

As of January 18, 07:00 UTC, DYDX ranks 64th in the overall ranking of cryptocurrencies with a capitalization of over $1,2 billion and is trading at $3,19, having added 10,8% over the day. Weekly growth, according to data from aggregator CoinGecko, was 18,4%.

According to a report by TokenInsight, DEXs’ market share is virtually unchanged (2,83%) at the end of 2023. The aggregate trading volume of the ten largest protocols amounted to $977,5 billion.

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