Cosmos-based decentralized finance (DeFi) protocol dYdX surpassed one of Uniswap’s markets to become the largest decentralized exchange (DEX) in terms of 24-hour trading volume, thereby claiming the top spot.
Based on the interchain protocol Cosmos, 24 hours of trading volume for dYdX v4 reached a maximum of $757 million, according to the data monitoring platform CoinMarketCap.
During the corresponding period, dYdX surpassed the Ethereum market’s Uniswap v3, which documented a volume of $608 million due to its significant increase in trading volume.
Concurrently, the still-active v3 market of dYdX occupied the third position with approximately $567 million. Kine Protocol, situated in Polygon, ranked fourth with $361 million.
According to the year-end report of dYdX for 2023, the total trading volume on its DEX surpassed $1 trillion since its inception, with “several days” in which the 24-hour volume reached $2 billion.
Perpetual trading is a feature of dYdX that enables users to execute buy or sell orders at fixed prices indefinitely, without regard to an expiration date, for the benefit of investors. In contrast, spot trading entails the immediate exchange of cryptocurrencies following prevailing market prices.
Charles d’Haussy, chief executive officer of the dYdX Foundation, elaborated on the organization’s intentions to migrate its ecosystem from the Ethereum network to Cosmos in a 2023 interview.
d’Haussy stated then that dYdX was not expanding but instead migrating entirely to Cosmos. According to him, a few months after the Cosmos-based platform goes live, its Ethereum-based DEX will disband.
