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surpasses Uniswap in daily trading

by SuperiorInvest

Decentralized finance (DeFi) protocol Cosmos-based marketplace dYdX overtook one of Uniswap’s marketplaces as the largest decentralized exchange (DEX) by 24-hour trading volume on January 18.

Data tracking platform CoinMarketCap showed that the v4 version of dYdX based on the Cosmos cross-chain protocol recorded up to $757 million in 24-hour trading volume. The increase in dYdX trading volume led it to surpass Uniswap v3’s Ethereum market, which recorded a volume of $608 million during the same period.

At the same time, the still-active dYdX v3 marketplace took third place with around $567 million. The Polygon-based Kine protocol took fourth place with $361 million.

In its 2023 year-end report, dYdX said that its DEX had surpassed $1 trillion in total trading volume since its inception, and that there were “several days” where its 24-hour trading volume had exceeded 2 billion dollars.

dYdX allows users to engage in perpetual trading, allowing investors to place buy or sell orders at fixed prices indefinitely, with no expiration date. This differs from spot trading, which involves trading cryptocurrencies for spot based on market prices.

Related: dYdX identifies attacker and considers legal action over $9 million loss

In a 2023 interview with Cointelegraph, dYdX Foundation CEO Charles d’Haussy discussed the organization’s plans to move its ecosystem from the Ethereum network to Cosmos. At the time, d’Haussy said that dYdX was not expanding but rather migrating entirely to Cosmos. He said his Ethereum-based DEX will close a few months after the Cosmos-based platform goes live.

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