HomeAltcoinEthereum-based decentralized exchange token explodes 50% as project releases annual report

Ethereum-based decentralized exchange token explodes 50% as project releases annual report


An Ethereum (ETH)-based decentralized exchange (DEX) token skyrocketed 50% in just a few days after the project released a new annual report.

The dYdX Foundation (DYDX) released its “inaugural annual ecosystem report” on Monday, which outlined the development of decentralized finance (DeFi) DEXs in 2022.

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

In 2022, DeFi proved its resilience and demonstrated clear advantages over CeFi [centralized finance]. Market activity and sentiment highlighted the benefits of trustless technology, self-custody and decentralization, including an unprecedented opportunity for transparency and fairness. We believe these principles are key to the success of the dYdX protocol in the future.”

The exchange’s native token, DYDX, was trading around $2.23 on Monday and has since skyrocketed to $3.36 at the time of writing, an increase of more than 50%. The 91st-ranked crypto asset by market capitalization has also surged 180% in the past month.

The price surge also came on the heels of dYdX witnessing more than $1.1 billion in 24-hour trading volume on Sunday, according to the project. Twitter account. The DEX processed 384,000 trades that day.

Despite the recent bullish price action of DYDX, it is still nearly 88% below its all-time high of $27.86, which it reached in September 2021.

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