dYdX Tops Uniswap as Largest DEX by Volume
Summary
dYdX, a decentralized exchange, has surpassed Uniswap in daily trading volume after migrating from Ethereum to Cosmos. Its v4 version saw $757 million in 24 hours, topping Uniswap v3. dYdX's v3 market still operates and ranks third. The total trade volume for dYdX's v4 market since launch is $17.8 billion. Despite concerns about the move from Ethereum, dYdX's high trading volumes validate its decision. The platform focuses on perpetual futures trading and transitioned to a "fully decentralized" v4 chain. The transition addresses challenges of high gas fees and promises improved trading throughput and reduced transaction costs. dYdX is backed by Pantera, Paradigm, and Delphi Digital.
