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dYdX Surpasses Uniswap as the Largest Decentralized Exchange by Volume

Twitter icon  •  Published il y a 3 mois  •  Hassan Maishera

Cosmos-based dYdX has become the largest decentralized exchange by trading volume after surpassing Uniswap.

TL;DR

  • dYdX has officially surpassed Ethereum-based Uniswap as the world’s largest decentralized exchange (DEX) by trading volume.

  • The Cosmos-based DEX saw $757 million in volume over a 24-hour period.

dYdX Tops Uniswap in Trading Volume

Cosmos-based decentralized exchange dYdX has surpassed Uniswap to become the world’s largest DEX by trading volume.

According to the data obtained from CoinMarketCap, the v4 version of dYdX just saw $757 million of volume over a 24-hour period, surpassing  Uniswap v3, which had $608 million.

In addition to that, dYdX's v3 market came in third place after recording $567 million in trading volume. dYdX, which recently migrated from Ethereum to Cosmos, has become a leader in the DEX world.

Since its launch, the total trade volume for dYdX v4 is $17.8 billion. This is still some way off from dYdX's v3, which saw a total of over $1 trillion in trading volume in 2023, with several days exceeding $2 billion of trading volume.

Despite its switch from Ethereum to Cosmos, dYdX has been able to maintain its position as a leading decentralized exchange. dYdX facilitates the trading of perpetual futures, which are contracts with no expiration date. The platform allows investors to speculate on the price of an underlying asset while bypassing the physical settlement of goods involved in standard futures trading.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.