dYdX Becomes the Largest DEX by Daily Trading Volume
dYdX, a decentralized exchange (DEX), has achieved a major milestone by surpassing Uniswap v3 on Ethereum and becoming the largest DEX in terms of daily trading volume. This achievement comes after dYdX migrated from Ethereum to Cosmos and activated full trading under the new infrastructure.
dYdX Records $542.5 Million in Trading Volume
According to data from CoinMarketCap, dYdX’s v4 version on Cosmos recorded $542.5 million in trading volume over a 24-hour period, surpassing Uniswap v3’s $464 million. This means that dYdX now holds 10.7% of the crypto market share.
Decentralized Exchanges on Alternative Platforms Gaining Prominence
The rise of decentralized exchanges on platforms other than Ethereum is a growing trend. Solana-based DEXs surpassed Ethereum’s trading volume in December, thanks to lower fees on the network. On December 21, Solana’s Raydium even beat Uniswap’s Ethereum DEX in terms of trading.
dYdX’s Price Trend and Technical Indicators
The price of dYdX is currently around $3.015, slightly below the resistance level at $3.10. The exponential moving average (EMA) suggests a potential trend reversal if the token can break the trend resistance. However, other technical indicators indicate a lack of strong market trends and dominance by either bulls or bears.
Outlook for dYdX and Caution for Traders
Based on technical indicators and chart patterns, dYdX’s price may continue to consolidate within its current pattern. A breakout above the downtrend line could lead to further growth, while a breakdown below the EMA support could result in lower prices. Traders are advised to exercise caution, especially scalpers and day traders.
Hot Take: dYdX Surpasses Uniswap as the Largest DEX
dYdX has achieved a significant milestone by surpassing Uniswap v3 and becoming the largest DEX by daily trading volume. This accomplishment comes after dYdX migrated to Cosmos and activated full trading. The rise of decentralized exchanges on platforms other than Ethereum is a growing trend, with Solana-based DEXs also gaining prominence. The price of dYdX may continue to consolidate within its current pattern, with potential breakouts indicating further growth. However, caution is advised for traders due to the lack of strong market trends. Overall, this achievement highlights the increasing popularity and adoption of decentralized exchanges in the crypto market.