The dYdX market recorded a trading volume of $757 million, taking the top spot in 24-hour volume.
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 a 24-hour trading volume of almost $757 million. 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 period.
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.
