dYdX native token surpasses $3 as it becomes top DEX by daily volume

The DYDX token, the native token of the decentralized trading platform dYdX Chain, is trading above $3 for the first time this year after the platform became the largest DEX by daily volume.

Data from CoinMarketCap shows that the platform’s v4 version, based on the interchain protocol Cosmos, achieved an impressive 24-hour trading volume of nearly $565.85 million. This surpassed Uniswap v3’s Ethereum market, which recorded a volume of $458.46 million in the same timeframe.

When dYdX’s v4 trading activities are broken down, the most traded pairs include Ethereum/USD, Bitcoin/USD, and Solana/USD, with volumes of $155 million, $131 million, and $91 million, respectively. The cumulative open interest for these pairs on the platform reached around $26 million.

The dYdX Foundation highlighted that this milestone was achieved in under two months since the activation of Full Trading. Last November, the platform transitioned from its Beta Stage to Full Trading, raising initial concerns about user and market migration from Ethereum to the new blockchain.

Early indications, however, dismiss these concerns. On Jan. 12, the dYdX Chain reached a remarkable $1 billion milestone in 24-hour trading volume, emphasizing the platform’s robust performance and user adoption.

Notably, dYdX’s v3 Ethereum market, which is still active, also ranks among the top three DEXs. The v3 has had a trading volume of approximately $405.9 million in the past day.

dYdX reclaims $3

DYDX’s notable trading volume milestone propelled its token’s value to over $3 for the first time this year—a remarkable 7% increase within the last 24 hours.

Data from CoinMarketCap highlights a previous dip in the digital asset’s value to $2.36 earlier this year. Nevertheless, it has experienced a consistent upward trend over the past week, boasting a gain exceeding 10%.

Despite this positive momentum, potential challenges lie ahead for the crypto token. Token Unlocks data reveals a looming sell pressure, with approximately $2 million worth of assets poised to be unlocked in the coming week.

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Source: https://cryptoslate.com/dydx-native-token-surpasses-3-as-it-becomes-top-dex-by-daily-volume/