dYdX users traded $466 billion worth of crypto derivatives in 2022. This increased the volume of the platform by 140 percent compared to the previous year. The price of the exchange’s coin increased even more than this – only this year.
dYdX, the largest derivative cryptocurrency trading exchange, recorded $466.3 billion in turnover (“cumulative transaction volume”) and generated $137.8 million in fee income in 2022, the dYdX Foundation has revealed from its meaning. The platform’s turnover rose 140 percent year-on-year (y/y) to $322 billion in 2021, according to official data.
Active dYdX users are also in a bear market
Trading volume on dYdX showed an upward trend despite the fact that the total value of tokens locked on the platform decreased in 2022. It has fallen to around $400 million following peaking at $1.1 billion in October 2021. This indicates that platform users remained active and continued to use the platform.
Despite strong fundamentals, inflation in dYdX’s native tokens (DYDX) has been a concern among speculators. This was because the team now planned to issue 150 million tokens worth more than $280 million to investors and employees in February.
The casting of tokens has been postponed
This would have doubled the current supply and even released more tokens in the coming months. However, last week, management decided to postpone the release of locked tokens until December. That’s what the coin is for in a single day It jumped 18 percent. Incidentally, the price of the token rose to $2.70 in January from $1.10 at the beginning of the month.
dYdX currently exists on StarkEx, one of Ethereum’s Layer 2 networks, but soon plans to migrate to its own blockchain within the Cosmos ecosystem.
There will be one billion dYdX coins on the market
If we look at the graph, we also see that the “sector”, i.e. the sector of derivative decentralized crypto exchanges, is popular among investors anyway. While bitcoin rose by around 40 percent and ether by only 33 percent in January, the competing derivative GMX jumped by 45 percent and GNS (Gains Network) by 89 percent. But none of them might come close to the 161 percent breakout of market leader dYdX.
However, dYdX’s token may still face tough challenges in the future. The total maximum quantity, which is planned to be issued from August 2021 for five years, is one billion pieces. There are only 148 million of these on the market so far.
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