Summary
dYdX, a decentralized exchange, has surpassed Uniswap as the largest DEX by daily trading volume. Its V4 iteration recorded $479 million in volume over 24 hours, while Uniswap’s V3 processed $440 million. Despite concerns about dYdX’s departure from Ethereum, trading volumes on its Cosmos-based appchain have surged. The project also announced that it reached $1 trillion in lifetime volume in 2022.
Key Points
1. dYdX has surpassed Uniswap V3 as the largest decentralized exchange (DEX) by daily trading volume, with over $800 million in trades processed in the past 24 hours across its V3 and V4 iterations.
2. dYdX V4, launched as a dedicated Cosmos-based appchain, has seen significant success, recording $479 million in volume over 24 hours, according to CoinMarketCap.
3. Despite concerns surrounding dYdX’s departure from Ethereum, its ability to replicate the same level of activity on Cosmos has been proven, with trading volumes on V4 surging.