- dYdX’s Cosmos-based market surpassed Uniswap’s Ethereum market as the largest decentralized exchange by 24-hour trading volume on Jan 18, with $757 million vs $608 million.
- dYdX allows perpetual trading, which differs from spot trading, and hit over $1 trillion in total trading volume since inception with several days exceeding $2 billion daily volume.
- dYdX is fully migrating its ecosystem from Ethereum to Cosmos. Its Ethereum DEX will close months after the Cosmos version launches. The volume surge shows it’s claimed top DEX spot ahead of the migration.
The decentralized finance (DeFi) protocol dYdX’s Cosmos-based market surpassed one of Uniswap’s markets as the largest decentralized exchange (DEX) by 24-hour trading volume on Jan 18.
dYdX Takes Top Spot for 24-hour Volume
Data tracking platform CoinMarketCap showed that dYdX’s v4 version based on the interchain protocol Cosmos recorded a 24-hour trading volume of almost $757 million. The surge in trading volume for dYdX led it to surpass Uniswap v3’s Ethereum market, which recorded a volume of $608 million during the same period.
At the same time, dYdX’s v3 market, which is still active, was in third place with around $567 million. The Polygon-based Kine Protocol took fourth place with $361 million.
dYdX Allows Perpetual Trading
In its 2023 year-end report, dYdX said that its DEX had surpassed $1 trillion in total trading volume since its inception and there were several days when its 24-hour trading volume had exceeded $2 billion.
dYdX allows users to engage in perpetual trading, which lets investors place buy or sell orders at fixed prices indefinitely with no expiration date. This differs from spot trading which involves trading crypto on the spot based on the market prices.
Migrating to Cosmos from Ethereum
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 fully migrating to Cosmos. He said its Ethereum-based DEX would close a few months after the Cosmos-based platform goes operational.
Conclusion
The recent trading volume surge for the Cosmos-powered dYdX shows it has claimed the top decentralized exchange spot based on 24-hour volume, surpassing Ethereum-based Uniswap. As dYdX continues migrating fully to Cosmos, it will be interesting to see if it can maintain its lead over other top DEXs.
