Buy/Sell Crypto

DeFi protocol run by ex-Coinbase dev just did $3.6 billion in daily trading volume


dYdX (DYDX), a decentralized derivatives exchange that runs on Ethereum (ETH), has surpassed Coinbase’s volume for the first time, executing over $3.6 billion in trades in a 24-hour period.

The protocol’s success came in the midst of Beijing stepping up its clampdown on crypto, which spurred the recent interest in decentralized exchanges (DEXs) and other decentralized finance (DeFi) products among Chinese users.

Ethereum Layer-2 DEX doing more volume than Coinbase

“5 years ago I left Coinbase and eventually founded dYdX. Today, for the first time, dYdX protocol is doing more trade volume than Coinbase,” announced DEX’s founder and former Coinbase employee Antonio Juliano, celebrating the milestone in a tweet.

5 years ago I left @coinbase and eventually founded dYdX

Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase 😯📈 pic.twitter.com/QzoKAUpH29

— Antonio | dYdX 🦔 (@AntonioMJuliano) September 26, 2021

Juliano said he was “blown away and humbled by the recent growth with dYdX,” as the DEX, which offers perpetual, margin and spot trading, as well as borrow and lend pools on Ethereum, beat Coinbase’s volume by an impressive margin.

Finally, Juliano expressed his gratitude to Coinbase for providing him with the needed experience and support for venturing out on his own.

At the time of writing, by executing over $6,5 billion in trades in the past 24 hours, dYdX is doing more volume than every other DEX combined. 

And today, dYdX is doing more trade volume than every other DEX combined 🤯 pic.twitter.com/7XDc7D7D0E

— Antonio | dYdX 🦔 (@AntonioMJuliano) September 27, 2021

Chinese users flocking to DEXs 

China-based crypto journalist Colin Wu, who also updated the news, explained that “the current huge transaction volume is still caused by farming, rather than real demand.”

According to CoinMarketCap data, the dYdX transaction volume in the past 24 hours has reached 4.28 billion, surpassing Coinbase’s 3.79 billion for the first time. pic.twitter.com/PR7PX6UbbF

— Wu Blockchain (@WuBlockchain) September 27, 2021

In a recent tweet, Wu pointed out that “a large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase.” 

As Beijing’s regulatory pressure pushed centralized exchanges out of the picture, “all Chinese communities are discussing how to learn DeFi.”

A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase. All Chinese communities are discussing how to learn defi.

— Wu Blockchain (@WuBlockchain) September 26, 2021

Meanwhile, the protocol’s governance and utility token, DYDX, witnessed a 30% price bump in under 24 hours and set a new all-time high (ATH).

The 🇨🇳 Chinese ban on trading #crypto had a negligible impact as the overall market cap recovers.

Several #DeFi tokens have been booming lately. A highlight would be #DYDX which gained 30% today. 📈

Decentralized Exchanges could become alternatives for Chinese traders. 👀 pic.twitter.com/arPItR4Wr1

— Delta Investment Tracker (@get_delta) September 27, 2021

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.





Source

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest
Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

THE ONE AND ONLY WAY TO MAKE MONEY IN AUTOMATIC EASILY!

Receive the whole procedure to be able to follow our signals in less than 2 minutes.

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

To access the VIP channel for free and enjoy the benefits of this exclusive channel, just follow these 3 steps:

1. Open a real account with one of our partner brokers necessarily through these links.

⚠️ Select Standard account

2. Make a deposit of at least €500 (€1000/2000 recommended) or more depending on your capital.

Double bonus as a gift! 🎁

        • 1st deposit: 50% bonus offered!
        • 2nd deposit: 20% bonus offered!

*The bonus will of course be added automatically after your deposit. ✅

3. Once done, you can send us the Screenshot of your deposit to support@signaltrading.cryptalite.com to receive the link of the VIP channel 🚀

(If you already have an account with these different brokers, you need to use another ID with another name + email).

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.