The decentralized dYdX exchange has been making a name for itself in the past few days. As we reported, the dYdX exchange, which first left UniSwap behind, managed to surpass Coinbase, one of the largest crypto money exchanges in the world, last night.
Trading volume on the decentralized exchange DyDx has grown tremendously over the past 24 hours, with DYDX hitting an all-time high. A recovery signal was also opened in tokens after the bans in China. dYdX has been operating as a decentralized exchange since 2019. The exchange is a platform that allows margin and futures trading according to the order book mechanism, unlike the clearing mechanism of common DEX/AMMs.
The DYDX token, on the other hand, grew more than 50% in 24 hours with the effect of this growth, breaking a new record with $ 21.79 on Binance and rising to an all-time high. The trading volume on dYdX is currently around $5 billion. This number paves the way for dYdX to become the largest kDEX platform in terms of trading volume, ahead of other major exchanges such as Uniswap v3, PancakeSwap, 1inch or SushiSwap. Another reason is thought to be pushing users towards decentralized exchanges by blocking centralized exchanges in China.
5 years ago I left @coinbase and eventually founded dYdX
Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase 😯📈 pic.twitter.com/QzoKAUpH29
— Antonio | dYdX 🦔 (@AntonioMJuliano) September 26, 2021
dYdX’s trading volume continues to move forward very strongly, outpacing even centralized exchanges like Coinbase, FTX, KuCoin, Gte.io, Kraken. The reason for this increase is thought to be primarily the liquidity mining program organized by dYdX. The first phase of this program is completed today. It is known that the second phase is also in preparation.
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