DeFi platform dYdX beats Coinbase in trading volume

DeFi platform dYdX beats Coinbase in trading volumed

Decentralised derivatives exchange (DEX) dYdX has surpassed Coinbase's spot markets in terms of trading volume for the first time.

5 years ago I left @coinbase and eventually founded dYdX Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase

According to CoinGecko, derivatives trading volume on dYdX was $5.646bn in the last 24 hours, with the corresponding Coinbase spot market at $3.675bn.

The surge in trading volume on the derivatives platform comes amid a recent negative statement from the People's Bank of China regarding cryptocurrencies and staplecoins.

Journalist Colin Wu predicted after another criticism of digital assets by the regulator:

A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase. All Chinese communities are discussing how to learn defi.

In 2017, Coinbase CEO Brian Armstrong invested in dYdX in a pre-funding round.

Recall that in June 2021, the DeFi platform raised $65 million.

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