dYdX Records $466.3 Billion In Transaction Volume And $137.8 Million Fee Revenue In 2022
- The cumulative volume and cumulative fees on the dYdX protocol were $466.3B and $137.8M, respectively.
- dYdX is now hosted on the Ethereum Layer 2 network StarkEx, but it hopes to migrate to its own blockchain within the Cosmos ecosystem soon.
According to a dYdX Foundation annual report, the largest crypto derivatives trading exchange recorded $466.3 billion in cumulative transaction volume and produced $137.8 million in fee revenue in 2022.
As reported in the blog spot, the firm grew significantly in 2022, from a team of three full-time workers and several part-time contractors to a team of 12 full-time employees and seven part-time contractors. Charles d’Haussy, who arrived as CEO, was one of the most notable hires.
Charles joins the dYdX Foundation from ConsenSys, the firm behind Metamask and Infura that specializes in decentralized software protocols. Charles is excited to harness the power of community-driven growth to further the development of the dYdX protocol, community, and dYdX DAO.
According to official figures, the platform’s cumulative volume increased by 140% annually to $322 billion in 2021.
Trading volumes increased even as the overall value of tokens held on the platform declined in 2022, falling to around $400 million from 1.1 billion in October 2021. This indicates that its users stayed active and used the platform.
Despite strong fundamentals, speculators were concerned about the inflation of dYdX native tokens. This resulted from the team’s intention to distribute 150 million tokens worth more than $280 million to investors and staff in February 2023.
This would have more than doubled the current supply, with more tokens unlocked in the coming months. The dYdX team decided last week to postpone token unlocks until December. In January, the token price increased to $2.70 from $1.10 at the start of the month.
dYdX is now hosted on the Ethereum Layer 2 network StarkEx, but it hopes to migrate to its own blockchain within the Cosmos ecosystem soon.
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