DYDX, the governance token of the decentralized exchange (DEX) dYdX, posted big gains in the crypto market today after it was revealed that the protocol now handles trading volumes comparable to some of the world’s largest centralized crypto exchanges.
At 13:20 UTC, the DYDX token, ranked 96th by market capitalization, has traded nearly 15% in the last 24 hours, positioning itself as the most powerful cryptoasset of today in the top 100 coins.
At the current price of USD, the newly issued token has already increased by more than 80% since its launch on September 8 this year.
Price of DYDX. Source: CoinGecko
Today’s increase follows yesterday’s tweet from dYdX founder Antonio Juliano, in which he said that dYdX Protocol has now recorded a higher trading volume than its former employer Crypto Exchange Coinbase for the first time.
The rapidly increasing trading volume on dYdX was also noticed by several other community members, with one popular user pointing out that the protocol is now “pulling in double the daily volume of [Uniswap] UNI,” while another described dYdX’s daily trading volume as “nothing less than speculator.”
The float is so tiny that it can pump in the short term, but in the long term it will be difficult because a lot of water enters the circuit. Will depend on traction
- Larry Cermak (@lawmaster) September 27, 2021
At the time of going to print on Monday, dYdX had recorded 24-hour trading volume of USD 7.37 Bn, with volume growth over the past two days being notably parabolic.
The current volume is more than double that of Coinbase in the same period, but still shy of Binance’s more than USD 20bn volume, per CoinGecko data.
DYdX trading volume in USD. Source: CoinGecko
And with both trading volume and DYDX token price rising, some early users now seem less than thrilled that they missed their chance to claim tokens sent to early adopters of the protocol. However, a proposal to remedy this problem is already under discussion in the Community.
It is also worth mentioning today that DYDX is not the only DEX token that has been making profits lately. The same goes for UNI, the governance token of the Uniswap decentralized exchange, which has risen by 4% to USD as of 13:20 UTC in the last 24 hours.