Trading volume on decentralized exchange dYdX has skyrocketed in the last 24 hours, pushing DYDX price to an all-time high. Altcoin price has set a new record in light of developments in China.

This altcoin project has set new ATH! Transaction volume exceeds Coinbase

After the decline last week due to news that China is strengthening its crypto ban, the cryptocurrency market opened today with a strong recovery signal led by DEXs, typically dYdX tokens. dYdX is a decentralized exchange that has been operating since 2019. The exchange allows margin and futures trading according to the order book mechanism, which is different from the clearing mechanism of common DEX/AMMs.

dYdX/USD 4 hourdollarsec chart | Source: TragView

DYDX token has grown more than 50% in the last 24 hours, setting a new all-time high at $21.79 on Binance. The reason for this increase is due to the fact that the trading volume on dYdX has also increased sharply in the past day, reaching $5 billion. This number helps dYdX become the world’s leading DEX platform in terms of trading volume, well ahead of other big names like Uniswap v3, PancakeSwap, 1inch or SushiSwap.

24 hourdollarsex trading volume on DEXs | Source: CoinMarketCap

Why did the DYDX token fly! Here are the reasons…

In addition, the trading volume of dYdX, Coinbase, FTX, KuCoin, Gate. It overwhelmingly surpasses even the popular centralized exchanges (CEX) around the world, outpacing io or Kraken. Journalist Wu Blockchain, who specializes in reporting on the Chinese market, also updated the information on the DEX dYdX exchange. Antonio M. Juliano, the founder of dYdX, cannot hide his pride in the achievements of his platform. The reason why dYdX has become the most mentioned name lately can be attributed to two reasons.

The first is the liquidity mining program organized by dYdX. Phase 1 (Phase 1) of this program is expected to end on September 27. Term 2 will begin shortly thereafter. In addition, the information that CEX exchanges in China have stopped supporting users due to the government ban is said to have pushed a large number of Chinese investors to DEX exchanges, and many projects have contributed to raising the price of the altcoin. Other DeFi altcoin projects followed suit. However, this information is only conjecture and there is no concrete evidence.

https://twitter. com/AntonioMJuliano/status/1442234625120608256

Like it? Share with your friends!

Michael Lewis


Your email address will not be published. Required fields are marked *