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.
Make us preferred on Google
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.
Más para ti
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
Lo que debes saber:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
Más para ti
Circle’s biggest bear just threw in the towel, but warns the stock is still a crypto roller coaster
Circle’s rising correlation with ether and DeFi exposure drives the re-rating, despite valuation and competition concerns.
Lo que debes saber:
- Compass Point’s Ed Engel upgraded Circle (CRCL) to Neutral from Sell and cut his price target to $60, arguing the stock now trades more as a proxy for crypto markets than as a standalone fintech.
- Engel notes that CRCL’s performance is increasingly tied to the ether and broader crypto cycles, with more than 75% of USDC supply used in DeFi or on exchanges, and the stock is still trading at a rich premium.
- Potential catalysts such as the CLARITY Act and tokenization of U.S. assets could support USDC growth, but Circle faces mounting competition from new stablecoins and bank-issued “deposit coins,” and its revenue may remain closely linked to speculative crypto activity for years.
Top Stories
