dYdX overtakes Uniswap as largest decentralized exchange

The decentralized exchange dYdX is about to Uniswap dethrone in trading volume. The two popular versions of dYdX are, according to Coinmarketcap accounted for $1.1 billion in transactions.

According to DeFiLama all Uniswap versions come to about the same number. However, some of these versions have limited use. The question is whether the numbers from there should be included. If you take just the three popular Uniswap versions, the decentralized exchange has a trading volume of about US$950 million.

Uniswap has been on the market since 2018 and has been unchallenged on decentralized exchanges for years. But trading volume has been stagnant for months. Uniswap also sees itself in the crosshairs of BaFin in Germany. In the US, the SEC is investigating.

dYdX was founded in 2017 by a former Coinbase manager. Both exchanges are built on Ethereum, but also use Layer2 solutions for lower costs and fast transactions. The dYdX token rose more than ten percent today, making it the winner of the day (as of 9:30 a.m.). It has been performing very well for some time. You can read the reasons for that here.