The 24-hour trading volume on dYdX reaches $ 4.3 billion, 15% more than Coinbase amid China’s FUD

Decentralized derivatives exchange dYdX saw trading activity spike as concerns over a new crypto crackdown from China surged the exchange’s trading volume for the first time.

According to CoinGecko, the trading volume on dYdX in the past 24 hours is currently $ 4.3 billion, almost 15% more than Coinbase’s $ 3.7 billion. DYdX founder and former Coinbase employee Antonio Juliano celebrated the milestone today (September 27) in a tweet.

https://twitter.com/AntonioMJuliano/status/1442234625120608256?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“I left Coinbase five years ago and founded dYdX.

Today, for the first time, dYdX has more trading volume than Coinbase. “

DYdX’s oversized growth is due to renewed concerns about the potential impact of Chinese regulation on the global crypto market.

On September 24, Beijing tightened its crackdown on crypto assets by banning all digital currency transactions. The People’s Bank of China said in a statement that cryptocurrencies “are not legal, should not and should not be used as currency in the market”. As Cointelegraph reported, China has “banned” or caused FUD in the crypto space 19 times since 2009.

In a September 26 tweet, crypto reporter Colin Wu reported record recent surge in demand for decentralized exchanges and DeFi products by Chinese users:

“A large number of Chinese users will flood the DeFi world and the number of MetaMask and dYdX users will increase sharply. All Chinese communities are discussing how to learn DeFi. “

In late June, one of China’s largest exchanges, Huobi, banned Chinese users from trading derivatives. The following month, Huobi filed for the dissolution of its operations organization in China as pressure escalated from Beijing before the suspension of all new registrations for Chinese users was announced on September 24th.

Over the past 6 months, dYdX’s daily trading volume has increased 19,700%, from $ 22 million at the end of April.

The growth in trading volume on Coinbase has been relatively stable, around 6% over the same period. It soared to an all-time high (ATH) of $ 19 billion in late May, when the crypto market also peaked.

Wu too Note that other futures exchanges are seeing an increase in registrations from China:

“The number of subscribers to FTX could also increase. The Chinese community shares their registration link. “

DYdX offers a wide range of perpetual contracts for various crypto assets that allow traders to hold leveraged positions without using contracts with fixed expiration dates.

L2beat, a comparative analysis platform for Layer 2 protocols, reports that dYdX now ranks second in Value Locked (TVL), accounting for about 19% at $ 478 million, up 19.28% over the last 7 Days.