While concerns regarding a Chinese crypto crackdown are afoot, decentralised derivative exchange dYdX experienced a spike in trade activity — outperforming even Coinbase’s spot markets for the first time ever.
CoinGecko reported that dYdX has processed over $4.3 billion worth of trades in the past 24 hours, exceeding Coinbase in volume by close to 15%. This milestone was highlighted by dYdX founder Antonio Juliano, who also happened to be a former CoinGecko employee.
5 years ago I left @coinbase and eventually founded dYdX
Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase 😯📈 pic.twitter.com/QzoKAUpH29
— Antonio | dYdX 🦔 (@AntonioMJuliano) September 26, 2021
The daily exchange trade volumes over at dYdX has grown by 19,700% for the past six months. The volumes were just $22 million by the end of April.
As for Coinbase, the exchange volume growth has remained relatively slow in comparison to dYdX, growing only by roughly 6% within the same period. However, the volumes increased considerably to an ATH of $19 billion during late May when the crypto market was experiencing a bull run.
Crypto reporter Colin Wu tweeted on Sunday that Chinese traders are considering getting into the DeFi (decentralised finance) space as China declared a strict crackdown on cryptocurrency trading. He predicted that many Chinese users will be swarming the DeFi world, and that the user count at MetaMask and dYdX would surge greatly.