dYdX, a decentralized exchange (DEX), has eclipsed Uniswap, a longstanding industry leader, to claim the platform title with the highest 24-hour trading volume.
This noteworthy achievement follows dYdX’s strategic move from the Ethereum blockchain to the Cosmos ecosystem. The crypto derivatives platform decided to transition from an Ethereum-based layer-2 network to its standalone blockchain within the Cosmos ecosystem as part of its version 4 (v4) upgrade.
https://twitter.com/dYdX/status/1539607062291877889?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener
Despite Ethereum’s extensive user base and higher transaction costs, dYdX’s move to Cosmos has proven successful, as recent trading data reveals. With its v4 upgrade, dYdX has achieved an impressive 24-hour trading volume of $757 million. It surpasses Uniswap v3, which recorded $608 million, according to data from CoinMarketCap.
Simultaneously, dYdX’s v3 market on Ethereum, which remains operational, secured a third-place position with a 24-hour trading volume of $567 million during the same period. Since the launch of dYdX v4, the cumulative trade volume has surged to $17.8 billion.
This accomplishment follows a strong performance in 2023 when dYdX’s v3 market on Ethereum surpassed $1 trillion in trading volume, with several days exceeding $2 billion.
The dYdX Chain checks off another milestone by distributing over 3 million USDC as staking rewards, boasting a community of over 9,300 stakers with a current staking annual percentage rate (APR) of 14.28%.
https://twitter.com/dydxfoundation/status/1747889747626807401?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener
Furthermore, 80 million dYdX tokens are staked to ensure the chain’s security, and over 2 million dYdX tokens have been distributed as trading rewards. Notably, 468 million ethDYDX has been successfully bridged to dYdX.
dYdX has differentiated itself by focusing on trading perpetual futures, contracts without expiration dates that enable investors to speculate on underlying asset price movements without physical settlement. This innovative approach aligns with the preferences of modern investors in the decentralized finance (DeFi) sector.
According to Paul Veradittakit of Pantera Capital, DeFi users seek platforms capable of handling a large volume of trades quickly and efficiently. Veradittakit emphasized that high transaction fees are a significant challenge, impacting user gains and diminishing a platform’s appeal.
ZetaChain, described as the world’s first universal blockchain, has officially launched support for the Arbitrum…
BNB Chain is preparing for one of its most significant upgrades yet, with the Pascal…
Seismic, an emerging encrypted blockchain developer, has successfully raised $7 million in a funding round…
Industry-Leading IP Valuation Firm Highlights Key Assumptions Behind Its Assessment Las Vegas, NV, 6th March…
Doha, Qatar, March 6, 2025, ZEX PR WIRE, drovi, an innovative AI-driven networking and event…
Japan’s ruling Liberal Democratic Party (LDP) has unveiled a proposal to dramatically reduce the tax…