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dYdX surpasses Uniswap in daily trading volumes

Web3: dYdX surpasses Uniswap in daily trading volumes

From the 17th to the 18th of January, the trading volumes on the decentralized exchange dYdX v4 surpassed $675 million.

According to CoinMarketCap, it outperformed the DEX #Uniswap v3 on the #Ethereum network by more than $100 million.

The report states that since its launch, the total trading volume of dYdX v4 has reached an impressive $17.8 billion. Additionally, the exchange team revealed that in 2023, the trading volume on dYdX v3 exceeded a staggering $1 trillion.

dYdX surpasses Uniswap in daily trading volumes
Daily trading volumes on DEX exchanges. Source: CoinMarketCap

It is worth noting that in October 2023, the developers announced the project's shift from Ethereum to Cosmos. Prior to the release, they made the source code of the blockchain public. The testnet was launched as early as July 2023.

Paul Veradittakit, a venture investor and partner at #Pantera Capital, believes that users are seeking high-speed exchanges for seamless and continuous trading. However, the high fees on the Ethereum network present several challenges and diminish the profitability and appeal of trading platforms, he stated.

"The transition of dYdX v4 to an independent blockchain utilizing the Cosmos SDK tackles these challenges. We anticipate that it will enhance trading throughput and reduce transaction costs," commented a spokesperson from Pantera Capital.

Following the news of the exchange's daily volumes, the #DYDX token experienced a surge of over 10% in the past 24 hours. At the time of writing, the asset is trading around $3.2.

dYdX surpasses Uniswap in daily trading volumes
DYDX exchange rate on the Binance crypto exchange. Source: TradingView.

It is worth recalling that in November of the previous year, the dYdX team introduced a program that rewards validators and #stakers for their participation in trading.

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