According to Cointelegraph: On January 18, decentralized finance (DeFi) protocol dYdX, powered by the Cosmos blockchain, stepped ahead of one of Uniswap’s markets, becoming the largest decentralized exchange (DEX) by 24-hour trading volume. As per the data from CoinMarketCap, the Cosmos-based dYdX v4 version reported a 24-hour trading volume of nearly $757 million, overshadowing Uniswap v3's Ethereum market, which recorded a volume of $608 million.
dYdX’s v4 market's trading volume surge resulted in its rise to first place, while the still-active dYdX v3 and Polygon-based Kine Protocol trailed in third and fourth places with $567 million and $361 million trading volumes, respectively.
In its end-of-year report for 2023, dYdX stated its DEX had reached beyond $1 trillion in cumulative trading volume since its inception, recording several days when the 24-hour trading volume exceeded $2 billion.
dYdX's platform facilitates perpetual trading, allowing investors to execute buy or sell orders at fixed prices indefinitely, unlike spot trading that trades based on immediate market prices.
Charles d'Haussy, the CEO of dYdX Foundation, laid out the firm's roadmap in a 2023 interview, stating the plan to shift its ecosystem from the Ethereum network to Cosmos entirely. As per d'Haussy, the Ethereum-based DEX would cease operations few months after the Cosmos-based platform commenced operations.
