Tuesday, September 26, 2023
HomeEthereumEthereum-Based Decentralized Exchange Token Explodes 50% As Project Releases Yearly Report

Ethereum-Based Decentralized Exchange Token Explodes 50% As Project Releases Yearly Report

Ethereum (ethereum) based decentralized exchange (DEX) token surged 50% just days after the project released its new annual report.

dYdX (DYDX) Foundation release Monday’s “First Ecosystem Annual Report” outlining the development of decentralized finance (DeFi) DEXes in 2022.

“Despite the difficult market conditions of 2022, the stakeholders of the dYdX ecosystem have persevered and continued to build for the future of finance, one block at a time.

In 2022, DeFi proved resilient and showed a clear edge over CeFi [centralized finance]Market activity and sentiment have highlighted the benefits of trustless technology, self-custody, and decentralization, including the opportunity to achieve unparalleled transparency and fairness. We believe these principles are key to the future success of the dYdX protocol. “

The exchange’s native token, DYDX, was trading around $2.23 on Monday, but has surged to $3.36 at the time of writing, up more than 50%. The 91st place cryptocurrency by market capitalization is up a whopping 180% in the last month.

The price increase also came shortly after dYdX witnessed more than $1.1 billion in 24-hour trading volume on Sunday, according to the project. twitter accountThe DEX processed 384,000 transactions that day.

Despite DYDX’s recent bull run, it is down nearly 88% from its September 2021 all-time high of $27.86.

Don’t miss the beat – apply To get encrypted email alerts delivered directly to your inbox

check price action

Please follow us twitter, Facebook When telegram

surfing The Daily Hodl Mix

Check out the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Generated image: In the middle of the journey
Featured image: Shutterstock/Sensvector

RELATED ARTICLES
- Advertisment -
Google search engine

Most Popular

Recent Comments