dYdX’s market recorded a trading volume of $757 million, taking top honors in 24-hour trading. On January 18, the Cosmos-based market of dYdX, a DeFi protocol, eclipsed one of Uniswap’s markets as the largest decentralised exchange (DEX) in terms of 24-hour trade volume.
According to data tracking portal CoinMarketCap, dYdX’s v4 version, which is based on the interchain protocol Cosmos, registered a 24-hour trading volume of up to $757 million. The increase in trading volume for dYdX caused it to outperform Uniswap v3’s Ethereum market, which had a volume of $608 million during the same timeframe. At the same time, dYdX’s v3 market, which is still operational, ranked third with around $567 million. The Polygon-based Kine Protocol finished fourth with $361 million. In its 2023 year-end report, dYdX stated that the DEX has crossed $1 trillion in total trading volume since its inception, with “several days” when its 24-hour trading volume exceeded $2 billion.
dYdX enables customers to engage in perpetual trading, which allows investors to place buy or sell orders at fixed prices that have no expiration date. This is different from spot trading, which includes trading cryptocurrency on the spot depending on market pricing. In a 2023 interview with Cointelegraph, dYdX Foundation CEO Charles d’Haussy spoke about the organization’s ambitions to transition its ecosystem from the Ethereum network to Cosmos. At the time, d’Haussy stated that dYdX was not expanding but rather fully transitioning to Cosmos. He stated that the Ethereum-based DEX will close a few months after the Cosmos-based platform becomes online.