dYdX, the decentralized derivatives exchange, has beat out Coinbase’s $3.7 billion in volume by nearly 15%.
It has been reported that dYdX founder and former Coinbase employee Antonio Juliano celebrated the milestone in a Monday tweet.
However, the surging growth for dYdX comes amid renewed concerns regarding the threat heavy-handed Chinese regulation could pose for the global crypto sector.
The report said that on Friday, Beijing intensified its crackdown on crypto-assets by banning all digital currency transactions. The People’s Bank of China (PBoC) said in a statement that cryptocurrencies are “not legal and should not and cannot be used as currency in the market.” As reported, China has “banned” or caused FUD in the crypto space on 19 separate occasions since 2009.
A China-based crypto reporter said:
“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.”
Likewise, over the past six months, dYdX has grown by 19,700% in terms of daily exchange trade volumes, which were just $22 million at the end of April. Coinbase, comparatively, has remained relatively flat in terms of exchange volume growth over the same period with around 6%. Coinbase volumes did surge to an all-time high of $19 billion in late May when crypto markets were also at their peak.
The reporter also noted that other derivatives exchanges were seeing an uptick in Chinese registrations. FTX registrations may also be on the rise. The Chinese community is sharing its registration link.
Thus, DYdX offers a range of perpetual contracts on various crypto assets allowing traders to hold leveraged positions without using contracts with a fixed expiration date.
Source: Cointelegraph