The decentralized finance (DeFi) protocol dYdX, originally part of the Ethereum ecosystem, has made a significant transition to the Cosmos-based ecosystem. Recently, dYdX’s version 4 (v4), leveraging the Cosmos network, surpassed one of Uniswap’s markets in 24-hour trading volume on January 18th, marking a milestone for the platform.
Data from CoinMarketCap revealed that dYdX’s v4 achieved a nearly $757 million trading volume in 24 hours, exceeding the $608 million volume recorded by Uniswap v3 on the Ethereum market. Additionally, dYdX’s still-active v3 protocol also held a strong position with approximately $567 million in trading volume.
The dYdX platform has been known for allowing users to place trades at fixed prices indefinitely without an expiration date, differentiating itself from typical spot exchange transactions that are based on market prices. This feature has contributed to the platform’s growing popularity and trading volume.
In a 2023 interview, dYdX Foundation CEO Charles d’Haussy disclosed plans to move the ecosystem from Ethereum to Cosmos, indicating a full transition rather than an expansion. He also mentioned that the Ethereum-based DEX would shut down a few months after the launch of the Cosmos-based platform.
The dYdX team had previously pleased its users with an airdrop event during a rally in 2021. At the time of writing, the DYDX token was trading at $3.060, experiencing a 2.83% decrease in value over the last 24 hours.
