Decentralized derivatives exchange dYdX (DEX) has surpassed Coinbase's spot markets in trading volume for the first time.
The platform founder and former Coinbase employee Antonio Juliano said:
"5 years ago I left Coinbase and eventually founded dYdX. Today, for the first time, dYdX is doing more trade volume than Coinbase."
According to CoinGecko, dYdX’s trading volume has risen to $5.646 billion over the past 24 hours, while on Coinbase's spot markets the volume rose to $3.675 billion.
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Notably, the surge in trading volumes on the derivatives platform has coincided with the People's Bank of China's recent announcement regarding cryptocurrencies and stablecoins.
Journalist Colin Wu said shortly after the news broke:
"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."