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Highlights
- On September 9, the DYDX crypto was launched to become a self-governed and fully decentralized platform.
- The DYDX crypto is the native token of the dYdX platform, which is a decentralized exchange.
- dYdX runs on smart contracts on the Ethereum blockchain.
The cryptocurrency market is restoring normalcy as decentralized finance (DeFi) tokens and exchanges (DEXs) are getting the attention of crypto traders.
On Friday, September 24, China shook an angry fist at the crypto industry and banned all transactions in the country. However, it seems that the crypto markets have become more resilient as the market began trading in the green on Monday, September 27.
dYdX outdoes Coinbase for all-time high. What’s its price prediction
There was a significant decline in the total market capitalization over the weekend, however, it has now crossed the US$ 2 trillion mark, according to CoinGecko data.
Amid increased demand for decentralized finance services, decentralized derivatives exchange dYdX gained momentum and has recorded a surge of 113 per cent in its 24-hour volume.
What is dYdX?
One of the leading decentralized exchanges in the world, dYdX enables its users to do margin, spot, and perpetual trading. It also allows them to lend and borrow tokens, and dYdX runs on smart contracts on the Ethereum blockchain.
On September 9, dYdX launched a new governance token DYDX and it was airdropped to the platform’s users. The DYDX token was launched to become a self-governed and fully decentralized platform.
The governance token allows users to govern the dYdX Layer 2 Protocol. The platform's robust ecosystem is designed to drive future growth and achieve full decentralization, which will enable the users to have a better experience on the platform.
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Why is DYDX crypto surging?
For the first time, the dYdX platform has surpassed Coinbase in terms of volume. Notably, Coinbase is one of the largest cryptocurrency exchanges in the world, and dYdX reportedly surpassed it by facilitating transactions worth US$ 4.3 billion worth of trades. Coinbase's volume was US$ 3.8 billion in comparison.
Taking to Twitter, Antonio Juliano, a former Coinbase employee and founder of dYdX said that for the first time, his platform achieved more volume than Coinbase and celebrated the milestone through a series of tweets.
DYDX crypto price movement and prediction
According to CoinGecko, the DYDX crypto achieved an all-time high (ATH) of US$ 21.44 per token on Monday, September 27. The cryptocurrency has surged by 91.4 per cent in the last 14 days and 52.5 per cent in the past week.
If the bullish momentum continues, the DYDX crypto could reach US$ 30 apiece by the end of 2021.
Bottom line
The cryptocurrency market is highly volatile so if you are interested in DYDX crypto, then it is important to research its fundamentals and the progress it has made so far.
