Cryptocurrency Exchange

dYdX is now the top DEX by daily volume

dYdX is now the top decentralized exchange in terms of daily volume. The veteran perpetual exchange has reportedly bagged more than $800 million of trades in the last 24 hours. The number stems from V3 and V4 iterations. With that, dYdX is now in a better position than Uniswap V3.

dYdX V4 has recorded $479 million in volume, while dYdX V3 has registered $350 million. Uniswap’s V3 market on Ethereum has the upper hand in the latter section, with a figure of $440 million shining right over the ecosystem. dYdX V3 stands in third place. A major portion of success is credited to dYdX V4, considering it was launched in November last year.

A spike in daily volume has confirmed the speculations that were raised when dYdX announced its exit from Ethereum. As of now, the trading volume continues to increase, and it has successfully replicated the same activity on Cosmos.

One way in which the community has understood this dynamic is by figuring out that dYdX offers leveraged trading while Uniswap is inclined to offer a spot trading platform. dYdX only requires traders to have sufficient capital to cover a fraction of their trade size.

dYdX V3 is still operational. Users have begun migrating to the upgraded version; however, they have been slow since V4 has yet to roll out support for mobile devices. dYdX V3 still has that functionality in addition to trading rewards. The project said that it surpassed the massive milestone of $1 trillion in 2023, marking a huge lifetime volume for the project.

Its token, DYDX, was reportedly up by ~8% in the last 7 days. That figure is currently down to 4.32%, with the native token exchanging hands at $2.87 while the article is being drafted. It still marks a fall of 8.36% in the last 24 hours and 0.88% in the last 30 days. The market cap and 24-hour volume have both plummeted by 8.23% and 18.31%, respectively.

A report about dYdX becoming the top DEX in terms of daily volume comes after dYdX announced bringing a fiat onramp to the platform in association with Kado. It has enabled traders in more than 150 countries to leverage the support for direct fiat onboarding to the dYdX Chain. Traders can now buy USDC using Kado at a time when onboarding takes only 5 minutes, something that can be done using a bank transfer or debit/credit card. dYdX Chain has been chosen for its speed, enhanced decentralization, and greater control.

Circling back to dYdX becoming the top DEX in daily volume, the figure of $800 million is a collection of the marks registered by dYdX V3 and dYdX V4 in the past 24 hours. dYdX has previously bagged $1 trillion in volume in the previous year, that is, 2023. Users continue to migrate from dYdX V3 to dYdX V4.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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