dYdX has achieved a daily transaction volume of $757 million, surpassing that of Uniswap, subsequent to its migration to the Cosmos blockchain.
The news has been all over decentralized exchange (DEX) dYdX, which surpassed industry veteran Uniswap to become the platform with the highest 24-hour trading volume.
This success is even more noteworthy in light of dYdX’s deliberate transition from the Ethereum network to the Cosmos platform.
dYdX, a platform for crypto derivatives, has announced that it will upgrade to version 4 (v4), which involves moving away from an Ethereum-based layer-2 network and toward its own blockchain inside the Cosmos ecosystem. Decentralization and trade flow optimization were the goals of this shift.
Recent trade data shows that dYdX’s migration to Cosmos was successful, even though Ethereum has a large user base and higher transaction fees. According to statistics compiled by CoinMarketCap, Uniswap v3 registered a 24-hour trading volume of $608 million, while dYdX v4 reached $757 million.
At the same time, the still-running DEX v3 market on Ethereum recorded $567 million, good enough for third place. The total number of transactions has surpassed $17.8 billion since the release of dYdX v4.
This is in continuation of 2023’s impressive performance, during which DEX’s v3 market on Ethereum saw trade volume top $1 trillion, with some days surpassing $2 billion. Not long ago, the dYdX Chain reached a new benchmark by rewarding staking with more than 3 million USDC.
The platform now has an annual percentage rate (APR) of 14.28% and a community of over 9,300 stakers. To maintain the security of the chain, 80 million dYdX tokens are staked. In addition, 468 million ethDYDX have been successfully bridged to dYdX, and over 2 million dYdX tokens have been given as trade prizes.
Unique to dYdX is its emphasis on perpetual futures trading; these are contracts that do not have expiry dates and enable investors to bet on the price fluctuations of assets without physically settling their bets. The novel strategy is in line with what contemporary decentralized finance (DeFi) investors are looking for.
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