The decentralized finance (DeFi) protocol dYdX’s Cosmos-based ecosystem managed to surpass one of the markets of Uniswap, known as the largest decentralized exchange (DEX), in terms of 24-hour trading volume on January 18th. dYdX, which was offered to users in the Ethereum ecosystem and made many of its users happy with an airdrop event, had later joined the Cosmos ecosystem.
Significant Increase in dYdX Trading Volume
Data monitoring platform CoinMarketCap showed that the 24-hour trading volume of dYdX’s interchain protocol based on the Cosmos ecosystem, version v4, was almost $757 million. The increase in trading volume on the dYdX front managed to draw attention by surpassing the Ethereum market of the Uniswap v3 protocol, which recorded a volume of $608 million during the same period.
At the same time, dYdX’s still-active v3 protocol ranked third with a trading volume of approximately $567 million. The Polygon-based Kine Protocol managed to rank fourth with a trading volume of $361 million. In the year-end report of 2023, dYdX presented to the public that since the establishment of the DEX, the total trading volume had exceeded $1 trillion and that there were several days when the 24-hour trading volume surpassed $2 billion.
Noteworthy Details About dYdX
dYdX allows users to place buy or sell orders indefinitely at fixed prices and without an expiration date by enabling continuous trading. These services offer a different use case from spot exchange transactions, which involve on-the-spot crypto trade based on market prices.
In an interview given in 2023, dYdX Foundation CEO Charles d’Haussy explained the organization’s plans to move its ecosystem from the Ethereum network to Cosmos. At that time, d’Haussy stated that dYdX was not expanding but had completely transitioned to Cosmos. He also announced that the Ethereum-based DEX would close a few months after the launch of the Cosmos-based platform.
During the rally in 2021, the dYdX team disclosed their token plans and managed to please platform users with an airdrop event. At the time of writing, the DYDX token was trading at $3.060, having lost 2.83% in value in the last 24 hours.
