Five years ago, an employee from Coinbase founded another exchange called the dydx protocol. And about 6 hours back, the founder of the exchange Antonio has posted that dydx has crossed Coinbase for the first time in 24 hours trading volume. This is a big deal as Coinbase took nine years to get where dydx are in 5 years. More importantly, it is a decentralized exchange which shows that crypto investors are slowly moving towards decentralized exchanges.
5 years ago I left @coinbase and eventually founded dYdX
Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase ?? pic.twitter.com/QzoKAUpH29
— Antonio | dYdX (@AntonioMJuliano) September 26, 2021
About dydx protocol
dydx is one of the largest decentralized exchanges on the web right now. They have all three types of trading that are perpetual, margin and spot. The exchange also has lending and borrowing options, which Coinbase was planning to add, but the SEC restricted them. The protocol is based on smart contracts on the Ethereum blockchain and lets users trade without any middlemen.
Due to its decentralized nature, it has gained a lot of attraction in the past few months. The kind of lag and problems showcased by centralized exchanges in times of need and immense traffic will make many investors shift to a dex. Ultimately, we all know that decentralization is the future due to its benefits compared to the few caveats.
Where it all started
When Antonio joined Coinbase, he told Brian about his dream to build his own company. To this, Brian said, ‘that’s awesome, let’s see how we can help you do it”. This is the kind of support and enthusiasm that pushed Antonio to build his own exchange. After dydx was launched, Brian was one of the largest supporters and investors in the same since the very first day. So, it’s great to see that Coinbase hasn’t backed down while nurturing a competitor.
What are your thoughts on the dydx protocol crossing Coinbase in 24 hours trading volume for the first time? And do you think that dex is the future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Salvador court to investigate government’s BTC atm purchases.
