DEX Wars: dYdX Overtakes Uniswap

Additionally, Jupiter, a DEX aggregator on Solana, saw increased trading volumes, partly attributed to the introduction of the JUP token.

According to a report by Binance Research, the daily trading volume of Uniswap was surpassed twice by the decentralized exchange (DEX) dYdX in January. The DEX reached Uniswap’s $457 million peak on January 28 with $493 million.

After the approval of spot Bitcoin ETFs, the accumulated trading volume for dYdX surpassed $25 billion, with volumes soaring above $1 billion.

The transition of dYdX from an Ethereum application to an independent Cosmos appchain was keenly observed by the market. The platform incentivizes active traders via the Launch Incentives Program, which is presently in its second phase with the anticipation of two more.

Rising DEX Aggregators: Jupiter on Solana Challenges Uniswap

Jupiter, a DEX aggregator constructed on the Solana blockchain, witnessed an upsurge in trading volumes that, on multiple occasions, surpassed the 24-hour volume of Uniswap. A portion of this increase could be attributed to introducing the JUP token.

The total value locked (TVL) of decentralized finance (DeFi) increased by 4.1% in January, with substantial contributions from Manta, Solana, Ethereum, and Arbitrum.

Due to a successful incentive campaign, Manta’s TVL increased by nearly 68% month-over-month. Proxies such as Renzo Protocol, Ether.fi, and KelpDAO experienced significant expansion on Ethereum, presenting improved incentives for ETH deposits.

In contrast, the NFT market experienced a month-on-month decline in trading volume of 33% in January 2024, accompanied by a significant reduction in Bitcoin NFT sales.

The popularity of Find Satoshi Labs’ Gas Hero NFT collection, which generated a trading volume of over $90 million, primarily propelled Polygon’s NFT market against the trend and increased by 136%.