dYdX Outperforms as Native Token Hits $3, Dethroning Uniswap as Leading DEX

By: Eva Baxter

The native token of decentralized trading platform, dYdX Chain, has surged past the $3 mark, achieving such a feat for the first time this year. This stride in trading value comes as the platform edges out other contenders to become the leading decentralized exchange (DEX) by daily volume.

Trading records from CoinMarketCap reveal that dYdX Chain's version 4, powered by the interchain protocol Cosmos, recorded a 24-hour trading volume of an astounding $565.85 million. This figure surpasses the $458.46 million trading turnover of Uniswap's v3 Ethereum market within similar timeline. The most traded pairs on the dYdX platform were Ethereum/USD, Bitcoin/USD, and Solana/USD, raking in volumes of $155 million, $131 million, and $91 million, respectively.

DYdX Chain has had a significant performance since the activation of Full Trading just below two months ago. The platform transitioned from its Beta Stage to Full Trading last November. The dYdX Chain swiftly countered initial fears about user and market migration from Ethereum to the new blockchain, achieving a milestone of $1 billion in 24-hour trading volume on Jan 12.

Despite the platform's impressive strides, data from Token Unlocks suggests an imminent sell pressure, with nearly $2 million worth of assets set to be unlocked within a week.