One of the most popular decentralized exchanges, dYdX, has reached a significant milestone in its development as the overall trading volume on a 24-hour period surpassed that of the largest US-based centralized exchange – Coinbase.

dYdX Surpasses Coinbase

Built on the Ethereum blockchain, dYdX is a DEX supporting perpetual, margin, and spot trading, as well as lending and borrowing. Although it was launched a few years back, its trading volumes have spiked since the middle of 2021. CoinGecko data shows that the platform had a trading volume of around $25 million in April and May this year.

It started to rapidly pick up in the following few months and has culminated in the past 24 hours. Further information from the data aggregator shows that the daily trading volume has surged to $6.5 billion in this time frame.

Just for reference, the largest US centralized exchange – Coinbase – had a little over $3 billion. CryptoCom and Huobi are also behind dYdX, while only Binance has higher numbers with roughly $23 billion.

Antonio Juliano, dYdX’s founder and former Coinbase employee, outlined the milestone on his Twitter account.

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