Decentralized derivatives exchange, dYdX, reported an increase in trading volumes which surpassed Coinbase’s spot market volumes. dYdX’s rise in derivatives volumes comes amid the fear, uncertainty, and doubt from the Chinese government’s crackdown on crypto. Coingecko revealed that dYdX’s derivatives trading volume reached $5.9 billion within the last 24 hours. By comparison, Coinbase’s spot market trading volume sits at a much lesser $3.4 billion. As revealed on Twitter, Antonio Juliano, founder of dYdX and a former Coinbase employee, is proud of this recent milestone.
dYdX’s trading volume was around $22 million back in April, clearly demonstrating the 19,700% increase in growth since that time. By comparison, Coinbase only managed about 6% in that same time. Coinbase notably reached an all-time high in trading volumes of $19 billion during the crypto market peak in May.
Apparently, Coingecko is not the only data analytics site to show dYdX’s growth. L2beat also recently showed that the DEX exchange came second to dYdX in total market share. L2beat showed that dYdX had a total value of $478 million, which represents a 20% growth within the past week. L2beat tracks data for Layer 2 platforms.
Apart from dYdX, other derivatives exchanges are also experiencing a surge in demand. According to Wu, FTX registrations for derivatives trading could be on the rise due to Chinese communities sharing registration links.
All these developments are taking place regardless of the People’s Bank of China’s September 24 decree cracking down on crypto trading.
Image Credits: Pixabay
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