dYdX Flipped Total Coinbase VolumeSep 27, 2021
While dYdX continues to dominate the DeFi perps market, it also recently achieved another significant milestone – eclipsing Coinbase’s 24H trading volume. This is the first time a derivatives DEX has been able to outperform a major centralized exchange in terms of volume.
A big contributor to this is the nature of dYdX’s trade mining rewards structure. dYdX token rewards are a function of average open interest over the epoch (i.e. 28 days) and total trading fees paid. Tomorrow is the last day of this epoch so the volume spike is likely driven by traders trying to game the rewards distribution.