dYdX Becomes Top DEX By Daily Volume

Leading perpetuals exchange processed over $800M of trades in the past 24 hours across its V3 and V4 iterations.

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dYdX Becomes Top DEX By Daily Volume

Veteran perpetuals exchange dYdX has surpassed Uniswap V3 as the largest decentralized exchange (DEX) by daily trading volume.

In November, dYdX V4 was launched as a dedicated Cosmos-based appchain and has seen significant success, recording $479M in volume over 24 hours, according to CoinMarketCap. Meanwhile, Uniswap's V3 market on Ethereum processed $440M and dYdX V3, which is still operational, came in third place with over $350M.

The protocol’s DYDX token is up nearly 8% in the past week.

DYDX Price chart
DYDX Price

While these volume numbers are significant, it’s worth noting that dYdX offers leveraged trading, meaning users need only put up capital covering a fraction of their trade size. Uniswap, on the other hand, is a spot trading platform.

Concerns surrounding dYdX's departure from Ethereum and its ability to replicate the same level of activity on Cosmos appear to have been assuaged with trading volumes on V4 surging.

Existing users have likely been slow to migrate to the new platform because trading rewards continued to be paid out on dYdX V3 until Jan.16, when the final epoch ended. In addition, V3 supports mobile devices while V4 is yet to launch similar functionality.

In its 2023 review, the project said it crossed $1T in lifetime volume last year.