Derivatives DEX dYdX beats out Coinbase’s spot markets by volume amid

Decentralized derivatives exchange dYdX has seen a surge in trade activity as concerns surrounding a renewed Chinese crypto crackdown have circulated this year, with the decentralized exchange (DEX) now processing more volume than Coinbase’s spot markets for the first time.

According to CoinGecko, dYdX has facilitated more than $4.3 billion worth of trades in the past 24-hours, beating out Coinbase’s $3.7 billion in volume by nearly 15%. DYdX founder and former Coinbase (NASDAQ:) employee Antonio Juliano celebrated the milestone in a Monday tweet.

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