dYdX tops Coinbase in trading volume

The derivatives-focused decentralized exchange (DEX) dYdX has, for the first time, surpassed Coinbase’s spot markets in trading volume.

5 years ago I left @coinbase and eventually founded dYdX

Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase 😯📈 pic.twitter.com/QzoKAUpH29

— Antonio | dYdX 🦔 (@AntonioMJuliano) September 26, 2021

“Five years ago I left and founded dYdX. Today the protocol, for the first time, processed more trading volume than Coinbase,” wrote the founder of the platform, former Coinbase employee Antonio Juliano.

According to CoinGecko, in the last 24 hours dYdX derivatives volume reached $5.646 billion. The corresponding Coinbase spot-market figure was $3.675 billion.

The sharp jump in trading volumes on the derivatives platform occurred against the backdrop of a recent negative statement by the People’s Bank of China regarding cryptocurrencies and stablecoins.

Journalist Colin Wu, following yet another regulator critique of digital assets, predicted:

“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.”

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.

— Wu Blockchain (@WuBlockchain) September 26, 2021

In 2017, Coinbase CEO Brian Armstrong invested in dYdX as part of a pre-seed funding round.

In June 2021, the DeFi platform raised $65 million.