{"id":344741,"date":"2021-09-27T07:20:16","date_gmt":"2021-09-27T04:20:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/derivatives-dex-dydx-beats-out-coinbase-by-volume-amid-china-fud\/"},"modified":"2021-09-27T07:20:16","modified_gmt":"2021-09-27T04:20:16","slug":"derivatives-dex-dydx-beats-out-coinbase-by-volume-amid-china-fud","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/derivatives-dex-dydx-beats-out-coinbase-by-volume-amid-china-fud\/","title":{"rendered":"# Derivatives DEX dYdX beats out Coinbase by volume amid China FUD"},"content":{"rendered":"<p>&#8220;<strong># Derivatives DEX dYdX beats out Coinbase by volume amid China FUD <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvODAwYmU2YTktODllNi00NmE1LTlhNzUtMmJiOTdkOTY2NjEyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Decentralized derivatives exchange dYdX has seen a surge in trade activity as concerns surrounding a renewed Chinese crypto crackdown have circulated this year, with the DEX now processing more volume than Coinbase for the first time.<\/p>\n<p>According to CoinGecko, dYdX has facilitated more than $4.3 billion worth of trades in the past 24-hours, beating out Coinbase $3.7 billion in volume by nearly 15%. DYdX founder and former Coinbase employee Antonio Juliano celebrated the milestone in a Sept. 27 tweet.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">5 years ago I left <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@coinbase<\/a> and eventually founded dYdX <\/p>\n<p>Today, for the first time, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/dydxprotocol?ref_src=twsrc%5Etfw\">@dydxprotocol<\/a> is doing more trade volume than Coinbase  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QzoKAUpH29\">pic.twitter.com\/QzoKAUpH29<\/a><\/p>\n<p>\u2014 Antonio | dYdX  (@AntonioMJuliano) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AntonioMJuliano\/status\/1442234625120608256?ref_src=twsrc%5Etfw\">September 26, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The surging growth for dYdX comes amid renewed concerns regarding the threat heavy-handed Chinese regulation could pose for the global crypto sector.<\/p>\n<p>On Sept. 24, Beijing intensified its crackdown on crypto assets by banning all digital currency transactions. The People&#8217;s Bank of China said in a statement that cryptocurrencies are \u201cnot legal and should not and cannot be used as currency in the market.\u201d As reported by Cointelegraph, China has &#8220;banned&#8221; or caused FUD in the crypto space on 19 separate occasions since 2009.<\/p>\n<p>In a Sept. 26 tweet, China-based crypto reporter Colin Wu <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1442039797246148609\">noted<\/a> a recent surge in demand for decentralized exchanges and other DeFi products among Chinese users, stating:<\/p>\n<blockquote><p>\u201cA 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.\u201d<\/p><\/blockquote>\n<p>In late June, one of China\u2019s largest crypto exchanges, Huobi, banned domestic derivatives trading. The following month, Huobi closed its China-based exchange operator as pressure from Beijing escalated before halting all new registrations for Chinese users on Sept. 24.<\/p>\n<p>Over the past 6 months, dYdX has grown by 19,700% in terms of daily exchange trade volumes which were just $22 million at the end of April according to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/exchanges\/dydx_perpetual#statistics\"> CoinGecko<\/a>.<\/p>\n<p>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.<\/p>\n<p>Wu also noted that other derivatives exchanges were seeing an uptick in Chinese registrations, stating \u201cFTX registrations may also be on the rise. The Chinese community is sharing its registration link.\u201d<\/p>\n<p>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.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>dYdX exchange releases governance token, making its airdrop worth up to $100K<\/em><\/strong><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/l2beat.com\/\">L2beat<\/a>, which tracks data for layer two protocols, is reporting that dYdX is currently second in terms of total market share with around 19% and $478 million in total value locked, an increase of 20% over the past 7 days. <\/p>\n<p>In September 2019, Coinbase invested 1 million USDC stablecoins into dYdX in what it called a USDC Bootstrap Fund. In June this year, dYdX raised $65 million in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">Series<\/a> C funding round led by venture fund Paradigm.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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According to CoinGecko, dYdX has facilitated&#8230;<\/p>\n","protected":false},"author":1,"featured_media":344742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvODAwYmU2YTktODllNi00NmE1LTlhNzUtMmJiOTdkOTY2NjEyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,74860,74877,74868,4973],"class_list":["post-344741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-cryptocurrency-exchange","tag-decentralized-exchange","tag-defi","tag-china"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/344741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=344741"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/344741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/344742"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=344741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=344741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=344741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}