Cosmos-powered dYdX claims top position in DeFi, beating Uniswap in daily trading
A market based on decentralized finance (DeFi) protocol dYdX Cosmos surpassed one of Uniswap's markets as the largest decentralized exchange (DEX) by 24-hour trading volume on January 18.
Data tracking platform CoinMarketCap has recorded a 24-hour trading volume of dYdX's v4 version, which is based on the interchain protocol Cosmos. DIDX's increase in trading volume has made it surpass Uniswap v3's Ethereum market, which recorded a volume of $608 million during the same period.
#dYdX Tops #Uniswap as the largest DEX by volume
The decentralized exchange, which moved to the Cosmos blockchain last year, saw $757 million in volume in a 24-hour period pic.twitter.com/dye8ZFw46l
— Ajay Kashyap (@EverythingAjay) January 18, 2024
At the same time, the DIDX v3 market, which is still active, ranks third at around $567 million. Polygon-based Keen Protocol took fourth place with $361 million.
In its 2023 year-end report, dYdX noted that since its inception, the DEX has surpassed $1 trillion in total trading volume, and there have been “several days” in which 24-hour trading volume has exceeded $2 billion.
DYdX allows users to engage in perpetual trading, which allows investors to buy or sell orders indefinitely, without expiration. This differs from spot trading which involves trading crypto on the spot based on market prices.
Related: dYdX identifies attacker, faces over $9 million in legal action
In an interview with Cointelegraph in 2023, DIDX Foundation CEO Charles D. House discussed the organization's plans to move its ecosystem from the Ethereum network to Cosmos. At that time, d'Haussy said, dYdX was not expanding, but was fully migrating into the cosmos. He said that the Ethereum-based DEX will be shut down a few months after the launch of the Cosmos-based platform.
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