CoinMarketCap data shows that the trading volume of dYdX v4 has surpassed Uniswap v3 in the past 24 hours, making it the decentralized exchange (DEX) with the highest daily trading volume.
In October last year, the decentralized perpetual contract exchange dYdX officially launched version 4, transitioning from the Ethereum Layer2 network to an independent blockchain on Cosmos. The goal was to achieve “complete decentralization” in its market, allowing its order book and matching engine to operate in a decentralized manner.
It is worth noting that according to CoinMarketCap data, the trading volume of dYdX v4 in the past 24 hours has reached $633 million, surpassing the leading DEX Uniswap v3 on the Ethereum chain, which had a trading volume of $522 million, becoming the decentralized exchange with the highest daily trading volume. The still operational dYdX v3 ranks third with a trading volume of up to $482 million in the past 24 hours.
However, in terms of total value locked (TVL), data from DefiLlama shows that Uniswap has a total locked value of $4.42 billion, far exceeding dYdX’s $332 million.
dYdX v4’s trading volume in the past 24 hours has surpassed Uniswap. Source: CoinMarketCap
dYdX successfully transitioned from Ethereum to the Cosmos independent chain. According to Coindesk, dYdX stated that the total trading volume since the launch of v4 is $17.8 billion, and the total trading volume of dYdX v3 throughout 2023 exceeded $1 trillion, with some daily trading volumes exceeding $2 billion.
From the current trading volume performance, dYdX v4’s daily trading volume has surpassed Uniswap and other Ethereum-based DEXs, including dYdX’s own v3, successfully dispelling concerns about its transition from Ethereum to the Cosmos ecosystem and potential decrease in usage. dYdX stated that it will eventually shut down v3 on Ethereum, but the end date has not been determined yet.
Regarding the impressive trading volume performance of dYdX v4, Paul Veradittakit, President and Managing Partner of cryptocurrency fund Pantera Capital, commented:
DYDX has surged nearly 16% in the past two weeks.
In terms of token price, the native token DYDX of dYdX has risen over 15.8% in the past two weeks, reaching $3.05 before the deadline, with a 3.9% increase in the past 24 hours.
Source: CoinGecko
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