DYDX Soars as Protocol Sees Trading Volume Double That of Coinbase

Celý článek

The rise today follows yesterday's tweet from dYdX founder Antonio Juliano in which he said that dYdX Protocol now, for the first time, has seen higher trading volume than his previous employer crypto exchange Coinbase.

The fast-rising trading volume on dYdX was also noticed by several other community members, with one popular user pointing out that the protocol is now “pulling in double the daily volume of [Uniswap] UNI,” while another described dYdX’s daily trading volume as “nothing short of speculator.”

The float is super tiny so short term it can pump but long term will be difficult as a lot of supply enters circulation. Will depend on the traction

As of press time on Monday, dYdX had recorded a 24-hour trading volume of USD 7.37bn, with growth in volume over the past two days in particular going parabolic. 

The current volume is more than double that of Coinbase over the same time period, but still shy of Binance’s more than USD 20bn volume, per CoinGecko data.

And with both trading volumes and the DYDX token price rising, some early users now appear to be less-than-thrilled that they missed out on their chance to claim tokens that were airdropped to early adopters of the protocol. However, a proposal to rectify this is already being discussed in the community.

Also worth noting today is that DYDX is not the only DEX token that has seen gains as of late. The same is also true for UNI, the governance token of the Uniswap decentralized exchange, which rose by 4% over the past 24 hours to USD 24.26 as of 13:20 UTC. 
____

____

Learn more:

- 'Don't Be Lulled' as European Commission Mulls a Crypto KYC Trap
- Forked DEX On Binance Chain Tests Uniswap & Legal Limits

- Decentralized Exchanges Set To Accelerate in 2021
- DEX & CEX Trading Volume Exploded in May Surpassing USD 2 Trillion

- Uniswap Volume Surges as Traders Praise DEX & DeFi Tandem
- Coinbit's DEX Skyrockets by 54% Due to Investment Boost