DEX dYdX is experiencing soaring trading volumes lately. It is leaving behind other major DEXs, such as Uniswap and PancakeSwap (PCS) in volume. As if that wasn’t enough, dYdX even surpassed the spot markets of Coinbase in terms of volume on September 26 (2021). This motivated dYdX founder @AntonioMJuliano to tweet the following:
5 years ago I left @coinbase and eventually founded dYdX
Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase pic.twitter.com/QzoKAUpH29
Antonio | dYdX (@AntonioMJuliano) September 26, 2021.
Analysts opine it to have been stemming from the recent cryptocurrency crackdown in China. While the crypto ban in China is nothing new for the cryptoverse, Chinese users’ trading for sure is moving to dYdX-type DEX platforms lately. Empowering traders with powerful and decentralized infrastructure, dYdX allows trading and staking for earning rewards, and voting on the future of @dydxprotocol.
An order book offering DEX, dYdX, per CoinGecko, managed over US$4.3 billion worth of trades on the day. dYdX left behind even the US$3.7 billion trading volume mark of Coinbase by almost 15%.
Operating on L2 Layer Starkware, dYdX offers affordable fees for its users. DEXs are the finest alternatives for Chinese traders owing to no KYC policies’ compulsion for their customers. So, traders can keep trading, holding, and exchanging their assets whilst not worrying government intervention.