dYdX emerges as the undisputed leader in decentralized finance (DeFi) by surpassing Uniswap in daily trading volume. The v4 version of dYdX, based on the interchain protocol Cosmos, recorded an impressive trading volume of $757 million within a 24-hour period, overshadowing Uniswap v3 on the Ethereum market, which reached $608 million during the same timeframe.
The successful migration of dYdX to Cosmos appears to have been a strategic move, solidifying its position as the largest decentralized platform by trading volume. Additionally, the year-end report for 2023 revealed that the total trading volume on the dYdX protocol surpassed the $1 trillion mark since its inception. This achievement is accompanied by several days where daily trading volume exceeded $2 billion.
A distinctive feature of dYdX is its focus on perpetual trading, allowing investors to place buy or sell orders at fixed prices indefinitely, without an expiration date. This difference from spot trading, which relies on market prices at the time, has attracted a considerable user base.
On the other hand, the native token of the DEX, DYDX, experienced a notable price increase. With a recent high of $3.15, DYDX’s price has risen by 15% in the last month and 32% since its lowest point on January 3, 2024, when it touched $2.30. With an all-time high of $3.73, analysts suggest that it could enter a price discovery phase, especially amid a potential market rally.
dYdX Will Have to Strive to Retain the Podium
Another project has captured the attention of investors. Pullix (PLX), a hybrid exchange, achieved considerable success in its presale phase, raising over $3.8 million by stage 6. Pullix’s proposal combines the best of centralized and decentralized exchanges, offering features such as non-custodial trading, perpetual futures, CFDs, yield farming, and staking.
With a focus on portfolio diversification and the ability to seize opportunities in traditional markets, Pullix aims to stand out in the revitalized DeFi ecosystem. Its native token, PLX, will power the “Trade-to-Earn” ecosystem, allowing holders to passively benefit from the exchange’s daily revenue.
The DeFi space continues to bring forth increasingly interesting proposals over time. dYdX disrupted the status quo by surpassing established players like Uniswap, backed by its successful migration to Cosmos and its emphasis on perpetual trading. Meanwhile, Pullix emerges as a promising project, blending the best of centralized and decentralized exchanges, attracting the attention of investors seeking new opportunities.
