dYdX has become the largest decentralized exchange, with a 24-hour trading volume surpassing Uniswap.

After migrating from Ethereum to Cosmos, the decentralized exchange dYdX has surpassed one market of Uniswap, becoming the largest decentralized exchange. According to CoinMarketCap data, dYdX v4 based on Cosmos achieved a 24-hour trading volume of $757 million, surpassing Uniswap v3, which recorded $608 million. dYdX's v3 market is still operational with a trading volume of $567 million, ranking third. dYdX reported that since the launch of the v4 market, its total trading volume has reached $17.8 billion. In 2023, dYdX's v3 trading volume totaled over $1 trillion, with several days exceeding $2 billion in trading volume. Despite the higher cost of usage on Ethereum, its utilization is significantly higher than in the Cosmos ecosystem. Now, dYdX's trading volume has surpassed Uniswap and other Ethereum-based exchanges (including dYdX's own v3 DEX), possibly validating the company's decision to switch ecosystems. dYdX focuses on facilitating trading in perpetual futures contracts, which have no expiration date, allowing investors to speculate on the price of underlying assets without involving physical settlement as in standard futures trading. dYdX recently transitioned to v4, referred to as a 'fully decentralized' chain, whereas the previous v3 chain was not. dYdX stated that v3 on Ethereum will eventually be shut down, but the specific closure date has not been determined.