The decentralized exchange dYdX, which recently shifted from the Ethereum blockchain to Cosmos, emerged as a top Decentralized Exchange, overtaking Uniswap by daily trading volume, according to CoinMarketCap data.
This strategic move has seen dYdX reach new heights with its record-breaking $757 million trading volume within 24 hours. This remarkable amount exceeds Uniswap v3’s $608 million, making dYdX the biggest decentralized exchange.
dYdX’s version 4 (v4), now on Cosmos, achieved this notable milestone. At the same time, the Ethereum-based version 3 (v3) of dYdX is still working well, with a trading volume of $567 million.
This puts dYdX v3 in third place for decentralized exchange volume. Since the launch of dYdX version 4 on Cosmos, it has facilitated $17.8 billion in trades. In 2023, dYdX v3 on Ethereum saw huge activity, trading over $1 trillion and often exceeding $2 billion daily.
The decision to migrate from Ethereum to Cosmos was driven by the need to address high transaction costs and low throughput issues.
Ethereum’s popularity and expensive operation costs posed potential challenges to maintaining dYdX’s activity post-migration. However, the recent trading figures of dYdX after the switch indicate a successful transition.
Industry experts like Paul Veradittakit from Pantera Capital highlight that DeFi users gravitate toward platforms that enable rapid and continuous trading. dYdX v4, leveraging the Cosmos SDK, promises higher trading throughput, reduced costs, and tailored on-chain logic for sophisticated trading.
Also Read: dYdX Unlock Massive Token Supply of 150M, Worth Over $500M
