Ethereum

DeFi

Jupiter

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dydx-challenges-uniswaps-dominance-with-remarkable-growth/" data-wpel-link="internal">dYdX Challenges Uniswap’s Dominance with Remarkable Growth</a><br></p>
<p style="text-align: justify">According to a recent report by <a href="https://en.coin-turk.com/binance-supports-terra-classic-network-upgrade-lunc-burn-tax-rate-rises-to-0-5/" data-wpel-link="internal">Binance</a> Research, the decentralized exchange (DEX) <strong>dYdX</strong> surprisingly challenged Uniswap’s dominance in January. dYdX, rewarded for a bold move, witnessed rising volumes across various blockchains from Ethereum to Cosmos. How should this development be interpreted?</p> 
<h2 style="text-align: justify" id="dydx-s-victory-over-uniswap">dYdX’s Victory Over Uniswap</h2> 
<p style="text-align: justify">The report highlights dYdX’s extraordinary success in January, surpassing <strong>Uniswap</strong>‘s daily trading volume not just once but twice. On January 28th, dYdX achieved its highest trading volume of $493 million, leaving behind Uniswap’s $457 million. This milestone underscores dYdX’s growing significance and increasing competitive strength in the DEX space.</p> 
<p style="text-align: justify">dYdX’s success is attributed to strategic maneuvers, including transitioning to an independent <strong>Cosmos</strong> application chain from an Ethereum application. This transition was closely watched by the market, especially considering dYdX’s innovative approach to incentivizing active traders through programs like its Launch Incentive Program.</p> 
<p style="text-align: justify">Currently in its second phase, this program has garnered significant interest and is expected to further accelerate dYdX’s growth with two more phases to come.</p> 
<h2 style="text-align: justify" id="the-rise-of-jupiter-and-dex-aggregators">The Rise of Jupiter and DEX Aggregators</h2> 
<p style="text-align: justify">In addition to dYdX, Jupiter, a <strong>DEX</strong> aggregator built on the <strong>Solana</strong> Blockchain, also experienced an increase in trading volumes. Jupiter’s rise, which has surpassed Uniswap’s 24-hour volume several times, was further bolstered by the launch of the JUP token. This trend emphasizes the increasing diversity and competition within the DEX ecosystem, challenging the long-standing dominance of established players like Uniswap.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-312695 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/binance-cointurk.webp" alt="" width="613" height="327"></p> 
<p style="text-align: justify">As DEXs like dYdX and <strong>Jupiter</strong> gain momentum, the decentralized <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a> (<a href="https://coin-turk.com/defi-koprusu-bankacilik-devinden-onemli-kripto-para-adimi" data-wpel-link="internal">DeFi</a>) sector as a whole witnessed a 4.1% increase in total value locked (TVL) in January. Notable contributions from platforms such as Manta, Solana, Ethereum, and Arbitrum highlighted the sector’s resilience and growth potential.</p> 
<h2 style="text-align: justify" id="nft-market">NFT Market</h2> 
<p style="text-align: justify">Conversely, the NFT market saw a 33% decrease in trading volume in January 2024 compared to the previous month. This decline was particularly evident in Bitcoin NFT sales. However, Polygon’s <strong>NFT</strong> market defied this trend, recording a significant 136% increase. This surge can be attributed to the popularity of collections generating over $90 million in trading volume, such as Find Satoshi Labs’ Gas Hero NFT collection.</p> 
<p style="text-align: justify">As dYdX challenges Uniswap’s dominance and DeFi continues to expand, the <strong>crypto</strong> market remains dynamic and constantly changing. With emerging trends in DEXs, DeFi protocols, and NFT markets, both investors and enthusiasts are advised to stay informed and adapt to take advantage of opportunities in this evolving landscape.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/dydx-challenges-uniswaps-dominance-with-remarkable-growth/" data-wpel-link="internal">dYdX Challenges Uniswap’s Dominance with Remarkable Growth</a></h5>

dYdX Challenges Uniswap’s Dominance with Remarkable Growth

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