DYdX Beats Coinbase in Trading Volume
The dYdX decentralized derivatives exchange processed more trades in 24 hours than Coinbase’s spot markets.
DYdX founder Antonio Giuliano revealed that, according to CoinGecko, dYdX has completed more than $4.3 billion in deals in the past 24 hours. At the same time, Coinbase processed $3.7 billion in deals, 15% less than dYdX.
In a tweet on Sunday, Chinese crypto reporter Colin Wu noted an increase in demand for DEX and other DeFi products among Chinese users:
“A large number of Chinese users have turned their attention to DeFi. In the future, the number of MetaMask and dYdX users will increase significantly. All Chinese communities are discussing how to learn DeFi.”
Over the past six months, dYdX has risen 19,700% in terms of daily stock trading volumes, which were just $22 million at the end of April, according to CoinGecko.
Coinbase has remained relatively unchanged in terms of exchange volumes over the same period, at around 6%. Coinbase volumes actually surged to an all-time high of $19 billion at the end of May, when crypto markets were also at their peak.
Wu also noted that there has been a spike in Chinese user registrations on other derivatives exchanges.
According to L2beat, dYdX is currently ranked second in total market share with roughly 19% and $478 million in total blocked value, up 20% over the past seven days.