Decentralized exchange (DEX) dYdX has achieved a notable milestone by surpassing Uniswap in 24-hour trading volume, following its strategic move from Ethereum to the Cosmos ecosystem.
Uniswap has experienced a decline in market share, dropping to 9.1447%, while dYdX has surged ahead with a total decentralized exchange (DEX) market share of 11.5086%. Despite this development, the DYDX token has seen a notable increase of over 10% in the past 24 hours, currently trading at approximately $3.2.
The transition, part of dYdX’s version 4 (v4) upgrade, was aimed at improving decentralization and trading efficiency. Despite Ethereum’s larger user base and higher transaction costs, dYdX’s v4 recorded a 24-hour trading volume of $757 million, outpacing Uniswap‘s v3 at $608 million.
The cumulative trade volume for dYdX v4 has reached $17.8 billion since launch, and the platform’s success extends to the distribution of staking rewards and bridging tokens. Specializing in perpetual futures trading, dYdX’s innovative approach aligns with the preferences of decentralized finance (DeFi) investors.
The move to a standalone blockchain within the Cosmos SDK addresses challenges by providing enhanced trading throughput and reduced transaction costs, meeting the demands of modern DeFi users.
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