dYdX had a total transaction volume of $466,3 billion. The total volume of the platform increased by 140% year-over-year.
According to a research by the dYdX Foundation, dYdX, the biggest crypto derivatives trading exchange, achieved $466.3 billion in total transaction volume and $137.8 million in fee income in 2022.
According to official figures, the platform’s total volume increased 140% year-over-year (YoY) to $322 billion in 2021.
Even though the entire value of tokens locked on the platform decreased in 2022, trading volumes increased on dYdX. The total value of tokens locked on the platform dropped to about $400 million from a high of $1.1 billion in October 2021. This indicates that dYdX users continued to be active and use the site.
The inflation of dYdX native tokens has arisen as a topic of worry among speculators despite the strength of the underlying fundamentals. This resulted from the team’s intention to distribute 150 million tokens, worth over $280 million, to investors and staff in February 2023.
This would have resulted in a doubling of the existing token supply, with more tokens being available in the following months. The dYdX team opted to suspend token unlocks until December last week. In January, the token price increased to $2.70 from $1.10 at the beginning of the month.
dYdX is presently operating on the Ethereum Layer 2 network StarkEx, but wants to migrate to its own blockchain inside the Cosmos ecosystem in the near future.
Also Read: Kin Foundation Introduces A Solana-Based On-Ramp For Application Developers
Wallets