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.

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