- dYdX derivative DEX trade volume gained tremendously.
- dYdX provided over $4.3 billion worth of trades.
- The trading volume of dYdX has gained by 19,700% over the past 6 months.
dYdX, a popular derivatives decentralized exchange has seen a tremendous gain in trade activity. The derivative DEX surrounding a renewed Chinese crypto crackdown has circulated this year. For the first time generating more volume than Coinbase’s spot markets.
As per Coingecko, dYdX provided over $4.3 billion worth of trades, overtaking Coinbase’s $3.7 billion in volume by roughly 15%. In the Monday tweet, the founder of dYdX and Coinbase former employee Antonio Juliano celebrated the milestone.
5 years ago I left @coinbase and eventually founded dYdX
— Antonio | dYdX 🦔 (@AntonioMJuliano) September 26, 2021
Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase 😯📈 pic.twitter.com/QzoKAUpH29
Accordingly, the expanding growth of decentralized derivatives exchange dYdX comes among renewed concerns based on the threat heavy-handed Chinese regulation could pose for the global crypto sector.
Moreover, Beijing increases the crackdown on crypto-assets by prohibiting all cryptocurrency transactions on Friday. Cryptocurrencies are not authorized and cannot be used as currency in the market, stated by the people’s Bank of China. On Sunday, in a tweet Colin Wu reported of China-based crypto has mentioned, a recent gain in demand for decentralized exchanges (DEX) and other decentralized finance (DeFi) products among Chinese users.
Furthermore, in June the largest crypto exchange Huobi Global has prohibited domestic derivative tradings. And also shut down its China-based exchange operator as compulsion from Beijing derived before stopping all new registrations for Chinese users on Friday.
Henceforth, according to CoinGecko, in late April the trade volume of dYdX has just remained $22 million but for the past 6 months, it has tremendously gained by 19,700% concerning daily exchange trade volumes.
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