Ethereum-Based Decentralized Exchange Token Explodes 50% As Project Releases Yearly Report
An Ethereum (ETH)-based decentralized exchange (DEX) token has shot up 50% in just a few days after the project released a new annual report.
The dYdX (DYDX) Foundation released its “inaugural ecosystem annual report” on Monday, which outlined the decentralized finance (DeFi) DEX’s development in 2022.
“Despite the challenging market conditions in 2022, stakeholders in the dYdX ecosystem persevered and continued to build toward the future of finance — one block at a time.
In 2022, DeFi proved its resilience and demonstrated clear advantages over CeFi [centralized finance]. Market activity and sentiment highlighted the benefits of trustless technology, self-custody, and decentralization, including an opportunity for unparalleled transparency and fairness. We believe that these principles are key to the dYdX protocol’s success in the future.”
The exchange’s native token, DYDX, was trading around $2.23 on Monday and has since skyrocketed to $3.36 at time of writing, a more than 50% increase. The 91st-ranked crypto asset by market cap is also up a whopping 180% in the past month.
The price increase also happened on the heels of dYdX witnessing more than $1.1 billion in 24-hour trade volume on Sunday, according to the project’s Twitter account. The DEX processed 384,000 trades that day.
Despite DYDX’s recent bullish price action, it remains nearly 88% down from its all-time high of $27.86, which it hit in September 2021.
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