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dYdX (DYDX) up 15% as Trading Volume Doubles, Here's Why

Wed, 02/01/2023 - 16:36
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Godfrey Benjamin
dYdX users intensify buy-up after bullish ecosystem report
dYdX (DYDX) up 15% as Trading Volume Doubles, Here's Why
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Decentralized exchange platform dYdX (DYDX) is seeing a major price rejuvenation today as it is up 15.23% at the time of writing to maintain its weekly momentum. According to data from CoinMarketCap, the digital currency is now trading at a price of 3.08%, maintaining a weekly growth rate of 65%.

dYdX is known to have a unique price action, and the current upshoot is backed by its trading volume that has doubled over the past 24 hours. Across all of the exchanges where it is trading, the transaction volume is up by 102%, as bolstered by its activities on the Ethereum chain.

In terms of ecosystem growth, dYdX released its growth report earlier this week, noting that its developers maintain a relatively positive attitude to building despite the outlook of the industry. The protocol highlighted significant growth over the past year in terms of robust exchange liquidity, an increment in generated revenue and also a 62.5% increase in its Twitter engagements across the board.

dYdX (DYDX) DeFi Surpasses Uniswap (UNI) by Trading Volume

dYdX is committed to launching new protocol advances, as affirmed by Arthur Cheong, as he promises to continually work toward decentralization.

Extra community tips

With its community to grow its ecosystem, dYdX hinted at the possibility of launching new merchandise, one of the core initiatives that most Web3.0 protocols are employing to help bolster loyalty.

The year 2023 is still shaping up, and many protocols are making attempts to set a clear path to pare off the losses accrued over the past year as a result of the crypto winter. Per its price action, dYdX has remained more resilient than its peers, and besides maintaining its ranking as the top DEX platform, it has shed just about 49.1% of its value over the past year.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.