dYdX, the governance token for the dYdX exchange protocol, surged to a new all-time high of US$27.86 today, according to CoinGecko data.
Fast facts
- dYdX is a decentralized exchange (DEX) built on Ethereum that currently supports perpetual contracts, margin trading and spot cryptocurrency trading, as well as lending and borrowing. It is a non-custodial exchange that allows users to trade without the need for intermediaries.
- dYdX, backed by high-profile investors in the crypto industry such as Andreessen Horowitz, Paradigm, Coinbase CEO Brian Armstrong and Singapore-based Three Arrows Capital, has seen strong growth this month following the distribution of its dYdX token as rewards to traders and liquidity providers on its platform.
- Its decentralized Perpetuals trading protocol has been especially popular among Asian users, with most signups coming from users in mainland China, dYdX said in a blog post earlier this year.
- Amid China’s latest crypto clampdown, the price of the dYdX token has climbed 80% in the past week as investors and traders shift away from the Chinese centralized exchanges to DEXes and DeFi. According to Coinmarketcap, dYdX has surpassed Uniswap (v3) to rank as the top DEX, with a 24-hour trading volume of US$1.98 billion, as of publishing time.
- On Sept, 27, trading volume on the dYdX exchange exceeded every other DEX combined, dYdX founder Antonio Juliano said in a tweet. “We did expect a local maximum in volume in the months after the token launch and at the end of epochs,” Juliano tweeted. “So while I’m thrilled at dYdX’s growth we still have a long way to go — and I’m excited to continue to execute.”
See related article: Why China’s latest stomp on crypto is turbo-charging DeFi growth