dYdX v4's daily trading volume is 18% higher than Uniswap v3's daily trading volume, according to data from CoinMarketCap.
The fourth version of the dYdX decentralized exchange, which is the protocol’s native blockchain, is leading the DEX sector in terms of daily trading volume.
In the past 24 hours, this decentralized protocol recorded $542 million in volume, which is 18% more than the trading volume recorded by Uniswap v3 in the same period.
Source: CoinMarketCap
dYdX v4 or dYdX Chain It was officially launched last October on the Cosmos blockchain, an ecosystem focused on scalability, interoperability and decentralization.
While dYdX users were concerned about the DEX's migration from Ethereum to Cosmos, recent trading volumes recorded by the protocol show that its trading activity has not been affected by the change and that Cosmos is one of the most promising solutions in the world of cryptocurrencies and blockchain.
More than $18.000 billion in accumulated volume
Recently, dYdX developers shared on social media the exceptional results the DEX has achieved since its launch.
According to this data, dYdX has accumulated a total trading volume of $18.860 billion to date, according to the dYdX Foundation.
In addition to highlighting the decentralized protocol’s total trading volume, its creators also stressed that dYdX has become one of the largest DEXs in the crypto industry, distributing over $3 million USD, in USDC stablecoin, to its liquidity providers in rewards for providing liquidity to the market, to date.
According to the Foundation, dYdX has 80 million DYDX tokens locked in stake, equivalent to approximately $248 million USD, and nearly 10.000 active stakers, currently.
The DEX is offering a competitive annual percentage yield or APR, which has proven to be a good strategy to attract and incentivize decentralized finance users to participate in the protocol.
dYdX's transition to an independent blockchain
Paul Veradittakit, Managing Partner at Pantera Capital, recently published an article highlighting the potential of the protocol with the release of its v4 version, which is one of the most significant updates introduced in the world of decentralized finance (DeFi).
According to Veradittakit, the more autonomous and scalable blockchain infrastructure the protocol is offering, using the Cosmos SDK, is improving performance, decentralization, and stakeholder alignment, making dYdX one of the most capital-efficient and adaptable solutions in the cryptocurrency market.
Veradittakit also emphasized that dYdX’s shift from a DeFi protocol to an autonomous blockchain addresses performance and scalability issues in the blockchain industry, while also providing better decentralization and sovereignty in the crypto space.
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