Blockchain follower Lookonchain according toa crypto whale valued crypto exchange Kraken at more than $4 million on Monday dYdX (DYDX) deposited and the price of the asset rose.
DYdX is a decentralized derivatives exchange.
The project’s native token rose 30% on Monday, the day the whale deposited. In this context, according to Lookonchain, the whale would make a profit of $ 1.5 million if he sold DYDX.
altcoin At the time of writing, it is trading at $4.11. Ranked 72nd by market capitalization crypto- Its presence has increased by more than 9% in the last 24 hours. Additionally, it is up more than 59% last week and more than 117% last month.
Venture capitalist Arthur Cheong is bullish on the entire decentralized derivatives industry. In this context, the CEO of DeFiance Capital is of the opinion that decentralized derivatives trading can easily grow 5-10 times.
“We are most bullish on decentralized derivatives. When you look at all the numbers, it points to the derivatives trading industry as the largest market in crypto. I think annual revenue from derivatives trading is probably $10 to $15 billion under current market conditions.
Going back to the bull market, I think the revenue from derivatives trading alone was between $20 and $30 billion. So currently decentralized derivatives platforms can only account for 2 to 5% of the market share.
I think this is poised to grow significantly over the next few years. “I think we need to reach at least 20% in the next two years.”