DyDx is a decentralized exchange that has taken the crypto market by a storm. The exchange supports margin, perpetual and spot trading along with lending and borrowing services. It operates through the smart contracts of Ethereum – eliminating the need of centralized intermediaries in the process. The decentralized exchange shocked the cryptocurrency market when it surpassed Uniswap – the most popular DEX – and Coinbase – the largest centralized crypto exchange – in terms of daily trading volume during the beginning of October. Ever since then, the exchange has enjoyed a superior reputation in the crypto market.
Recent developments
DyDx regards itself to be the most powerful decentralized exchange given its wide scope. The development team has been working arduously to help the exchange operate in the most efficient way possible. The team recently announced the launch of the DyDx Foundation which is an independent organization with headquarters in Switzerland. The Foundation is designed to help the DEX achieve complete decentralization. Other than that, minor developments are also continuously taking place on the network. For example, the team also announced the launch of ALGO-USD perpetual contracts on its Layer-2 protocol with up to 10 times leverage.
The announcement of FaceBook’s rebranding to Meta has led to a ripple effect in the cryptocurrency market. FaceBook’s commitment to developing its metaverse has sparked off a new debate in the markets and various crypto projects have benefitted from the announcement. DyDx along with Axie Infinity has overtaken NFT platform OpenSea in terms of revenue from decentralized applications.
DyDx Future outlook
DyDx is a recent launch in the cryptocurrency market and it introduced decentralized perpetual trading which has caused it to soar. The cryptocurrency started trading with a value of less than one cent; however, it quickly gained attention and surged towards its all-time high of $27.78 – established a month ago. It has maintained its performance ever since and has not fallen to the most-dreaded brutal corrections of the market. At the time of writing, the cryptocurrency trades at a price level of $16.69. The price has increased by more than 10% during the past twenty-four hours while the trading volume has surged by 145%. DyDx stands at a rank of 110 in terms of market capitalization.
According to the estimates of Wallet Investor, the cryptocurrency is expected to stand at a price level of $67 in a year’s time while the five-year projection places it at $267. Digital Coin Price is albeit not as bullish on the cryptocurrency. Per their estimates, DyDx is expected to operate at a price level of $58 by the year 2026.
