Trading volume on the decentralized exchange dYdX has skyrocketed in the last 24 hours, pushing the price of DYDX to an all-time high. Altcoin price has set a new record in light of developments in China.
This altcoin project has set new ATH! Transaction volume exceeds Coinbase
After last week’s decline amid news that China is strengthening its crypto ban, the cryptocurrency market opened today with a strong recovery signal led by DEXs, typically dYdX tokens. dYdX is a decentralized exchange operating since 2019. The exchange allows margin and futures trading according to the order book mechanism, which is different from the clearing mechanism of common DEX/AMMs.
The DYDX token has grown more than 50% in the last 24 hours, setting a new all-time high at $21.79 on Binance. The reason for this increase is due to the fact that the trading volume on dYdX has also increased sharply in the past day, reaching $5 billion. This number helps dYdX become the world’s leading DEX platform in terms of trading volume, well ahead of other big names like Uniswap v3, PancakeSwap, 1inch or SushiSwap.
Why did the DYDX token fly? Here are the reasons…
In addition, dYdX’s trading volume overwhelmingly surpasses even the popular centralized exchanges (CEX) around the world, surpassing Coinbase, FTX, KuCoin, Gate.io or Kraken. Journalist Wu Blockchain, who specializes in reporting on the Chinese market, also updated the information on the DEX dYdX exchange. Antonio M. Juliano, the founder of dYdX, cannot hide his pride in the achievements of his platform. The reason why dYdX has become the most mentioned name lately can be attributed to two reasons.
The first is the liquidity mining program organized by dYdX. Phase 1 (Phase 1) of this program is expected to end on September 27. Term 2 will begin shortly thereafter. In addition, the information that CEX exchanges in China have stopped supporting users due to the government ban is said to have pushed a large number of Chinese investors to DEX exchanges, and many projects have contributed to raising the price of the altcoin. Other DeFi altcoin projects followed suit. However, this information is only conjecture and there is no concrete evidence.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.