dYdX Overtakes Uniswap as Daily Trading Volumes Hit $757 Million
Decentralized finance (DeFi) platform dYdX market has moved past Uniswap as the largest decentralized cryptocurrency exchange (DEX) by trading volumes.
Recent data from crypto analytics firm Cointelegraph shows an increase in the trading volume of dYdX v4 over Uniswap’s v3 in the last 24 hours.
in the past 24 hours dYdX surpassed Uniswap for the #1 slot of largest DEX by trading volume:
– dYdX (v4) had $663M and 12.5% of market share
– Uniswap (v3) had $554M and 10.4% of market share pic.twitter.com/wkbuUinQgV
— Jacquelyn Melinek (@jacqmelinek) January 17, 2024
The Cosmos-based DEX’s v4 recorded $757 million to take the top spot in that metric while Uniswap’s v3 posted $608 million
Others DEX including Jupiter and Orca recorded $368 million and $361 million respectively as the wider community continues to trade sideways.
At press time, dYdX v4 dominates 11% of the market share with 34 markets while Uniswap’s v4 has 8.8% with 814 markets. dYdX v3, Jupiter and Orca come in next with 7.5%, 7.1% and 6.8%.
The recent market correction has affected decentralized exchange numbers as the top three DEXes have posted plummeting volumes in the last seven days. However, Jupiter and Curve remain in the green zone.
Despite this, DeFi figures are up from Q4 2023 as they recorded increased activity across the space. The wider asset price plunge and reduced investor sentiment ushered in by the tightening regulations and unfavorable market conditions also led to low decentralized finance volumes.
As a result, daily trading volumes alongside Assets Under Management (AUM) and Total Value Locked (TVL) fell to lows not recorded since 2021 as investor confidence declined.
Volumes plummeted to $44.82 billion in September, the sixth consecutive month of
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