<\/p>\n
Leading perpetuals exchange processed over $800M of trades in the past 24 hours across its V3 and V4 iterations.<\/p>\n
Veteran perpetuals exchange dYdX has surpassed Uniswap V3 as the largest decentralized exchange (DEX) by daily trading volume.<\/p>\n
In November, dYdX V4 was launched<\/a> as a dedicated Cosmos-based appchain and has seen significant success, recording $479M in volume over 24 hours, according to CoinMarketCap<\/a>. Meanwhile, Uniswap’s V3 market on Ethereum processed $440M and dYdX V3, which is still operational, came in third place with over $350M.<\/p>\n The protocol\u2019s DYDX token is up nearly 8% in the past week.<\/p>\n <\/p>\n <\/a><\/p>\n While these volume numbers are significant, it\u2019s worth noting that dYdX offers leveraged trading, meaning users need only put up capital covering a fraction of their trade size. Uniswap, on the other hand, is a spot trading platform.<\/p>\n Concerns surrounding dYdX’s departure from Ethereum and its ability to replicate the same level of activity on Cosmos appear to have been assuaged with trading volumes on V4 surging.<\/p>\n Existing users have likely been slow to migrate to the new platform because trading rewards continued to be paid out on dYdX V3 until Jan.16, when the final epoch ended<\/a>. In addition, V3 supports mobile devices while V4 is yet to launch similar functionality.<\/p>\n