The native token of Ethereum-based decentralized exchange DYDX has skyrocketed after the annual report was released. DYDXrose 50% a few days after the report was published.
The dYdX Foundation announced on Monday that decentralized finance (DeFi) has released its “launch ecosystem annual report” outlining the development of DEX in 2022.
Despite challenging market conditions in 2022, stakeholders in the dYdX ecosystem persevered and continued to build the future of finance one block at a time.
DeFi proved its strength in 2022 and showed its clear advantages over CeFi (central finance). He highlighted the benefits of trustless technology, self-hiding and “decentralization”, including market activity and responsiveness, unparalleled transparency and equal opportunity. We believe these principles are key to the future success of the dYdX protocol.
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The exchange’s native token, DYDX, was trading around $2.23 on Monday. The altcoin price has since skyrocketed by more than 50% to $3.36 at the time of writing. The 91st-ranked crypto asset by market cap also increased 180% in the past month.
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The price increase also comes after dYdX’s $1.1 billion in 24-hour trading volume on Sunday, according to the project’s Twitter account. The DEX processed 384,000 transactions that day.
Despite DYDX’s recent bullish action, it is trading around 88% lower than the all-time high of $27.86 reached in September 2021.