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Trading volumes on the decentralized exchange (DEX) dYdX v4 exceeded $600 million.
According to CoinMarketCap, from Jan. 17 to 18, trading volumes on dYdX were $603 million, with the decentralized exchange beating out the second highest DEX by volume, Uniswap, which saw $479 million in volume over that same time period.
Against recent indicators, Uniswap has lost its market share and now has 9.1447% versus dYdX’s 11.5086% total of DEX market share.
Amid the news of the exchange’s daily volumes, the DYDX token has risen by more than 10% over the past 24 hours. At the time of publication, the asset is trading at around $3.2.
In October 2023, dYdX developers announced the project’s transition from Ethereum to Cosmos as well as the launch of dYdX v4. Before the release, they revealed the source code of the blockchain. Testnet was launched in July 2023. Users could then place market and limit orders and generate private keys on the dYdX testnet.