dYdX Semi-Annual Report: $1.5 Trillion Trading Volume with 12 Million Users

Key Takeaways

  1. dYdX’s trading volume surges to $1.5 trillion in six months.
  2. The platform adds 2 million new users, totaling 12 million.
  3. 80% of trades now occur on Layer 2, with StarkNet integration playing a pivotal role.
  4. Active community engagement with 20 new governance proposals introduced.
  5. $500 million distributed in staking rewards, and 10 new projects join the dYdX ecosystem.

Trading and User Metrics

dYdX Foundation, in its latest report dated September 10, 2023, has highlighted a significant uptick in its trading volume, reaching a staggering $1.5 trillion in just the past six months. This growth is further complemented by the addition of 2 million new users, pushing the platform’s total user count to an impressive 12 million.

Technological Advancements

Emphasizing its commitment to scalability and enhanced user experience, dYdX has reported that a whopping 80% of its trading volume is now facilitated on Layer 2. This shift not only ensures faster transaction speeds but also considerably reduces associated costs. A major highlight in this domain is dYdX’s strategic integration with StarkNet, a renowned Layer 2 scaling solution. This integration is poised to further amplify the platform’s efficiency, especially given the burgeoning user base.

Community and Ecosystem Development

The dYdX community’s active participation is evident from the introduction of 20 new governance proposals in the past six months. Such engagement showcases the community’s vested interest in the platform’s continuous evolution. Furthermore, the report sheds light on dYdX’s generous distribution of $500 million in staking rewards, a clear testament to its intent to incentivize user participation and loyalty. On the ecosystem front, dYdX has welcomed 10 new projects, aiming to bolster its offerings and foster a more cohesive DeFi environment.

While the report predominantly focuses on dYdX’s milestones and achievements, it doesn’t shy away from highlighting challenges and potential areas of improvement. The foundation’s proactive approach towards addressing these challenges reaffirms its commitment to offering a seamless user experience.

In wrapping up, dYdX’s 2023 Semi-Annual Ecosystem Report serves as a testament to the platform’s relentless pursuit of growth, innovation, and community engagement. As the DeFi landscape continues to evolve, dYdX is undoubtedly positioning itself as a formidable player in the space.

About dYdX

dYdX is a decentralized crypto exchange powered by its governance token, DYDX. This token plays a pivotal role in steering the platform’s layer 2 protocol, allowing stakeholders to collaboratively influence its direction. Leveraging Starkwire’s StarkEx engine, dYdX’s layer 2 optimizes transaction efficiency, minimizes gas expenses, and ensures competitive trading charges. While it offers spot trading, dYdX predominantly focuses on derivatives and margin trading. Established in 2017 by ex-Coinbase engineer Antonio Juliano and Zhuoxun Yin, dYdX became operational in 2019 after raising over $10 million in initial funding. The platform stands out with its advanced trading features, perpetual contracts, and a system that accrues interest on user deposits.

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Shiba Inu’s SHIB Price Up Nearly 10% and Trading Volume Doubles Over Last 24 Hours

The Shiba Inu’s SHIB price surged around 10% in the past 24 hours, while Bitcoin remains stuck at around $29,400. This surge makes SHIB one of the hottest cryptocurrencies, raising interest among traders. On Binance, 1000 SHIB are grouped together as one trading unit, symbolized as 1000SHIB.

In the meantime, according to Coinglass, 1000SHIB’s trading volume on Binance exchange increased over 100% to $1.32 billion, ranking third behind BTC and ETH, with trading volumes of $4.48 billion and $1.76 billion, respectively.

Additionally, the open interest in Shiba Inu increased over 33% to $101.65 million.

With the upward trend of SHIB token price, the funding rate has turned negative, meaning that short traders will pay fees for longer trading. Funding rates are periodic payments between traders in perpetual contract markets, based on the difference between these markets and spot prices. This alignment prevents lasting price divergence in crypto markets, with platforms like Binance Futures recalculating the rate multiple times daily.

The Long/Short ratio on Binance is 0.8907, indicating an increase in short traders. However, be warned: market makers and manipulators may pump the SHIB price to liquidate short traders.

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BRC-20 Tokens Surge in Popularity as Traders Flock to Bitcoin’s Latest Token Standard

BRC-20 tokens, the newest token standard on the Bitcoin blockchain, have gained significant traction in the cryptocurrency market. With the total market capitalization of BRC-20 Bitcoin tokens surpassing $1 billion and a trading volume of $207.7 million in the past 24 hours, BRC-20 tokens like ORDI, NALS, VMPX, PEPE, and MEME have emerged as some of the most notable tokens deployed on the Bitcoin blockchain.

Unlike traditional fungible tokens, BRC-20 tokens employ Ordinals and Inscriptions to manage token contracts, token minting, and token transfers on the Bitcoin base chain. This novel approach allows users to create unique digital assets on the Bitcoin blockchain, adding a layer of data to each satoshi, the smallest unit of Bitcoin.

Despite the criticism from the creator of BRC-20 tokens, who openly stated that the standard is “worthless,” traders and investors have been flocking to the token standard due to its potential for innovation and growth. The popularity of BRC-20 tokens has led to a surge in trading volume, with notable tokens like ORDI, NALS, VMPX, PEPE, and MEME experiencing price variance of between +11% and -55% within the past day.

As the adoption of BRC-20 tokens continues to grow, it remains to be seen how this new standard will fare in the highly competitive and rapidly evolving cryptocurrency market. Nonetheless, the development of the BRC-20 token standard highlights the potential of the Bitcoin blockchain to support new and innovative financial instruments beyond its traditional role as a store of value. With the surge in popularity of BRC-20 tokens, it is clear that traders and investors are eager to embrace Bitcoin’s latest token standard and reap the benefits it has to offer.


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Trump NFT Floor Price Surges on Indictment News

The world of non-fungible tokens (NFTs) has been a hot topic in recent months, with an increasing number of investors looking to cash in on these unique digital assets. One of the latest developments in this space involves the Trump Digital Trading Cards NFT project, which has seen a surge in floor price following news of former President Donald Trump’s indictment.

According to data from OpenSea, the floor price for the officially licensed Trump Digital Trading Cards NFT project rose from 0.46 ETH (or $835 at current prices) to as high as 0.6 ETH ($1090) on March 30, the same day that a New York Grand Jury voted to indict the former president. However, the floor price has since fallen back to around the 0.51 ETH range, which is still significantly higher than the initial mint price of $99 when the project launched in December 2022.

The Trump Digital Trading Cards NFT project offered exclusive one-on-one experiences to certain NFT hodlers when it launched, including private golf sessions, dinners, and conversations with Trump. However, the recent news of his indictment could potentially impact his ability to deliver on these experiences.

The surge in the Trump NFT’s floor price is just one example of the increasing popularity of NFTs. According to a March 30 report from blockchain analytics platform DappRadar, there was $4.7 billion worth of NFT trading volume in Q1 2023, more than double that of the previous quarter. The report pointed to bullish action from the Blur marketplace, which took the market by storm during its token airdrop farming period in February.

The report also showed that there were 19.4 million NFT sales in Q1, marking an increase of 8.56%, with total volume increasing by 147% compared with the $1.9 billion posted in Q4 2022. The Ethereum network accounted for a whopping $4.1 billion worth of the volume, with second-placed Solana contributing $242 million, while Polygon ranked third with $85 million for the quarter.

Another recent development in the NFT space involves the Japanese gaming giant Square Enix, which has released NFT trading cards in celebration of the 25th anniversary of Final Fantasy VII. The Final Fantasy VII Anniversary Art Museum Digital Card Plus collection features five physical cards and a sixth digital NFT card. However, despite being called trading cards, Square Enix stated on its website that the NFTs couldn’t be traded or transferred at this stage unless the company decides to build a marketplace in the future.

The packs were dropped on March 31 and cost around $3.30 a pop, with the card artwork depicting various characters and scenery from the iconic Final Fantasy VII game. While it is unclear if the firm intends to build a marketplace to support its digital collectibles, Square Enix has been gradually ramping up its NFT and blockchain gaming-related initiatives over the past few years, suggesting something could be in the works.


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Non-Zero ETH Addresses Hit ATH, Ethereum Overtooks Visa in Trading Volume in 2021

Despite the crypto market limping due to massive liquidations, more participants continue to join the Ethereum (ETH) network. 

Market insight provider Glassnode confirmed:

“The number of Non-Zero Ethereum addresses just reached an ATH of 73,439,200.”

Ethereum continues to be one of the sought-after networks based on significant demand from booming sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs).

This is one of the factors that made Ethereum tick in 2021, given that it surpassed Visa’s trading volume, according to a recent report entitled “The Year in Ethereum 2021” by Josh Stark and Evan Van Ness of the Ethereum Foundation.

The value moved on the ETH network stood at $11.6 trillion at the end of last year, whereas that of Visa was $10.4 trillion.

Source: The Year in Ethereum 2021

On the other hand, Ethereum beat Bitcoin hands down by more than doubling its trading volume of $4.6 trillion. This correlates with the fact that ETH recorded an annual return rate of 399.2% in 2021 compared to Bitcoin’s 72.1%.

The CEO and founder of Real Vision, Raoul Pal, had previously opined that Ethereum outperformed Bitcoin based on its network burning mechanism and staking.

Charles Edwards, the founder of Capriole Investments, recently noted that Ethereum’s inflation was lower than Bitcoin’s. He explained:

“Ethereum has entered the hard money game. For the past 3 months, Ethereum’s inflation rate has been lower than Bitcoin. What a chart. Never thought I would see it.”


Source: Glassnode

A recent study by crypto service provider LuckyHash noted that a transition to the proof of stake(PoS) consensus mechanism through a full Ethereum 2.0 upgrade would prompt a 1% annual deflation rate. 

Meanwhile, Joey Krug, the CIO of Pantera Capital, recently opined that Ethereum had the capability of dominating the global financial system in the next 10 to 20 years. He based this on the expectation that 50% of the globe’s financial transactions would involve Ethereum. 

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OpenSea trading volume set for record month despite crypto market retreat

The world’s leading NFT marketplace OpenSea is poised to break its own record for monthly sales on Ethereum as daily volumes are surging.

OpenSea’s $2.1 billion in trading volume of nonfungible tokens (NFT) through Jan. 10 is more than half the total trading volume for the entirety of August 2021, the highest month on record. Volume reached nearly $3.5 billion in that month, according to Dune Analytics.

The marketplace is currently on pace to top $6 billion in trading volume for January should the current trend continue.

Current trading volume on OpenSea has been driven by the new PhantaBear collection, which recorded 17,124.79 ETH ($53 million) in sales over the past seven days. Bored Ape Yacht Club is a close second place with 16,657.78 ($51.5 million).

Aggregated data from CryptoSlam shows the Doodles collection as the leader in sales across all NFT marketplaces, with nearly $56 million in sales over the past seven days. It currently ranks third in trading volume on OpenSea.

Other key factors contributing to the record pace for OpenSea according to Dune include the number of active users, which at 260,369 is rapidly approaching the all-time high of 362,679 tallied last month.

OpenSea has shown that there is still a tremendous amount of room to fill for NFT marketplaces, as trading volumes have remained high for over six months straight and surpassed $4 billion globally over the past 30 days. In light of that, alternative marketplaces such as the new LooksRare (LOOKS) and Solana’s Magic Eden intend to siphon off at least a portion of OpenSea’s volume.

Related: OpenSea raises $300M for encrypted digital marketplace

The NFT markets have experienced a veritable resurgence in interest since the beginning of the new year. Volumes across all platforms tracked by NFT market data source NonFungible show a steady increase since Jan. 1 when total daily sales reached nearly 15,671 items. Between Jan. 7 and 8, sales spiked up from 13,189 to 36,041 NFTs. Daily sales hit a monthly high of 29,921 NFTs on Jan. 10.