Share this article
dYdX Tops Uniswap as Largest DEX by Volume
The decentralized exchange, which last year moved over to the Cosmos blockchain, just saw $757 million of volume over a 24-hour period.
Updated Mar 8, 2024, 8:07 p.m. Published Jan 17, 2024, 8:20 p.m.
Decentralized exchange dYdX, which recently migrated from Ethereum to Cosmos, has topped one of Uniswap's markets to become the largest DEX by daily trading volume, according to data from CoinMarketCap.
The Cosmos-based v4 version of dYdX just saw $757 million of volume over a 24-hour period, topping Uniswap v3, which had $608 million, the data shows. dYdX's v3 market, which still operates, had $567 million, enough for third place.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to dYdX, the total trade volume so far for its v4 market since launch is $17.8 billion. In 2023, dYdX's v3 saw a total of over $1 trillion in trading volume with several days exceeding $2 billion of trading volume.
There were concerns when dYdX departed Ethereum that it might struggle to recoup the same level of activity that it experienced in previous iterations because Ethereum, while a more expensive chain, has significantly higher usage than the Cosmos ecosystem. dYdX's high trading volumes, which now surpass that of Uniswap and other Ethereum-based exchanges (including dYdX's own v3 DEX), might serve as a kind of validation of the company's decision to switch ecosystems.
dYdX focuses on facilitating the trading of perpetual futures, which are contracts with no expiration date, thus allowing investors to speculate on the price of an underlying asset while bypassing the physical settlement of goods involved in standard futures trading.
The platform recently transitioned to v4, which it coined as a "fully decentralized" chain, unlike its previous v3 chain, which the company said was not. dYdX said v3 on Ethereum will eventually be closed, but no firm date is set for the closure.
According to Pantera Capital's Paul Veradittakit, decentralized finance (DeFi) users seek platforms that offer "high throughput for rapid, continuous trading." Veradittakit added that "high gas fees further compound the issue, diminishing user profits and platform appeal."
Veradittakit said that dYdX v4's transition to a standalone blockchain using the Cosmos SDK addresses challenges head-on by "promising significantly improved trading throughput, reduced transaction costs and customized on-chain logic tailored to sophisticated and high-frequency trading needs."
dYdX is backed by the likes of Patnera, Paradigm and Delphi Digital.
Sam Kessler contributed to reporting.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
