DeFi protocol run by ex-Coinbase dev just did $3.6 billion in daily trading volume
Decentralized derivatives exchange dYdX has witnessed a strong surge in trading volume recently and celebrated surpassing Coinbase for the first time.
dYdX (DYDX), a decentralized derivatives exchange that runs on Ethereum (ETH), has surpassed Coinbase’s volume for the first time, executing over $3.6 billion in trades in a 24-hour period.
The protocol’s success came in the midst of Beijing stepping up its clampdown on crypto, which spurred the recent interest in decentralized exchanges (DEXs) and other decentralized finance (DeFi) products among Chinese users.
Ethereum Layer-2 DEX doing more volume than Coinbase
5 years ago I left Coinbase and eventually founded dYdX. Today, for the first time, dYdX protocol is doing more trade volume than Coinbase,” announced DEX’s founder and former Coinbase employee Antonio Juliano, celebrating the milestone in a tweet.
Juliano said he was “blown away and humbled by the recent growth with dYdX,” as the DEX, which offers perpetual, margin and spot trading, as well as borrow and lend pools on Ethereum, beat Coinbase’s volume by an impressive margin.
Finally, Juliano expressed his gratitude to Coinbase for providing him with the needed experience and support for venturing out on his own.
At the time of writing, by executing over $6,5 billion in trades in the past 24 hours, dYdX is doing more volume than every other DEX combined.