Decentralized finance (DeFi) protocol dYdX’s Cosmos-based market surpassed one of Uniswap’s markets as the largest decentralized exchange (DEX) by 24-hour trading volume on Jan 18.

Data tracking platform CoinMarketCap showed that dYdX’s v4 version based on the interchain protocol Cosmos recorded as much as $757 million in 24-hour trading volume. The surge in trading volume for dYdX led it to surpass Uniswap v3’s Ethereum market, which recorded a volume of $608 million during the same time period. 

#dYdX Tops #Uniswap as Largest DEX by Volume

The decentralized exchange, which last year moved over to the Cosmos blockchain, just saw $757 million of volume over a 24-hour period pic.twitter.com/dye8ZFw46l

— Ajay Kashyap (@EverythingAjay) January 18, 2024

At the same time, dYdX’s v3 market, which is still active, was in third place with around $567 million. The Polygon-based Kine Protocol took fourth place with $361 million. 

In its 2023 year-end report, dYdX said that its DEX had surpassed $1 trillion in total trading volume since its inception, and that there were “several days” when its 24-hour trading volume had exceeded $2 billion. 

dYdX allows users to engage in perpetual trading , which lets investors place buy or sell orders at fixed prices indefinitely, with no expiration date. This differs from spot trading, which involves trading crypto on the spot based on the market prices. 

In a 2023 interview with Cointelegraph, dYdX Foundation CEO Charles d’Haussy discussed the organization’s plans to move its ecosystem from the Ethereum network to Cosmos. At the time, d’Haussy said that dYdX was not expanding but fully migrating to Cosmos. He said its Ethereum-based DEX is closing a few months after the Cosmos-based platform goes operational.