In October last year, dYdX launched the v4 version, migrating its exchange from the Ethereum Layer 2 network to an independent blockchain on Cosmos. This move aims to achieve a fully decentralized market so that its order books and matching engines no longer rely on centralized methods to operate.
According to CoinMarketCap data, dYdXv4’s trading volume reached $633 million in the past 24 hours, surpassing the $522 million of Uniswap v3, the leading decentralized exchange on the Ethereum chain, becoming the daily The decentralized exchange with the highest trading volume. At the same time, dYdX v3 is still in operation, ranking third with a trading volume of $482 million in the past 24 hours.
But in terms of TVL, DefiLlama data shows that Uniswap’s total locked position is as high as US$4.42 billion, far exceeding dYdX’s US$332 million.
dYdX v4 transaction volume surpassed Uniswap in the past 24 hours
According to Coindesk reports , dYdX said that since the launch of the v4 market, total transaction volume has reached $17.8 billion. In 2023, dYdX v3’s trading volume totaled more than $1 trillion, with several days of daily trading volume exceeding $2 billion.
Based on the current trading volume results, dydXv4’s daily trading volume has exceeded Uniswap and other Ethereum-based decentralized exchanges (DEX), including dydX’s own v3 version. This successfully eliminated some people’s concerns about dydX’s migration from Ethereum to an independent chain on the Cosmos ecosystem, who were worried that usage would decline. dydX stated that although the v3 version on Ethereum will eventually be shut down, the specific end date has not yet been determined.
Regarding the eye-catching trading volume performance of dYdX v4, Paul Veradittakit, president and managing partner of cryptocurrency fund Pantera Capital, said that DeFi users have been looking for solutions that can provide high throughput to achieve fast, transaction-by-transaction. platform. However, Ethereum’s high gas fees further exacerbate this problem, reducing user profits and the platform’s attractiveness. To address this challenge, dYdX v4 transitions to a standalone blockchain using the Cosmos SDK and promises to significantly increase transaction throughput, reduce transaction costs, and customize on-chain logic for complex and high-frequency trading needs. This initiative solves the challenges faced by users.
In terms of currency price, dydX’s native token DYDX has risen by more than 15.8% in the past two weeks, and was reported at US$3.05 before the deadline, with an increase of 3.9 in the past 24 hours. %.
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