Here is the rewritten article: dYdX Overtakes Uniswap to Become Largest DEX

Table of Contents

• Recent Data Shows Rise in dYdX Volume
• Concerns Over Adoption But Increased Volume

Decentralized finance (DeFi) platform dYdX has become the largest decentralized cryptocurrency exchange (DEX) by surpassing Uniswap in trading volume.

Recent Data Shows Rise in dYdX Volume

According to recent data from crypto analytics firm Cointelegraph, dYdX’s v4 trading volume exceeded Uniswap’s v3 within the last 24 hours.

• dYdX (v4): $663 million and 12.5% market share
• Uniswap (v3): $554 million and 10.4% market share

dYdX’s v4 reached $757 million while Uniswap v3 posted $608 million, giving dYdX the top spot. Other DEXs such as Jupiter and Orca achieved $368 million and $361 million respectively during this period.

Concerns Over Adoption But Increased Volume

After migrating from Ethereum to the Cosmos Network last year, dYdX saw some concerns about adoption. However, the platform has now shown increased trading volumes over the last 24 hours.

DeFi trading volumes and metrics hit lows not seen since 2021, though volumes increased in Q4 2023 with higher institutional investment and anticipation of a Bitcoin ETF approval. December had the highest DEX trading volume at $135.86 billion, totaling $960 billion for the year.

Despite dYdX’s success, Uniswap maintains the highest Total Value Locked at $3.76 billion, followed by Pancakeswap and Curve.

Paul Varadittakit of Pantera Capital highlighted the importance of perpetual futures, a key feature of dYdX’s offerings.

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dYdX Overtakes Uniswap to Become Largest DEX appeared first on Althalla.