Crypto News– Leading the 24-hour gains among the top 100 cryptocurrencies by market cap, dYdX’s governance token (DYDX) soared by 9%, settling at $2.18, as per data from CoinGecko.
dYdX DeFi Exchange’s Supporting Token Surges 9% Overnight
dYdX, a prominent decentralized derivatives exchange, has generated significant momentum, amassing over $589 million in 24-hour trading volume. This surge comes ahead of the imminent launch of the project’s Cosmos-based blockchain and coincides with a broader market upswing witnessed on Wednesday.
The platform is on the brink of unveiling its new blockchain on the mainnet, scheduled for the end of September. The present version of dYdX operates on Ethereum, utilizing StarkWare‘s zero-knowledge rollups.
In June of the preceding year, the dYdX Foundation unveiled its plans to transition the exchange onto an independent blockchain constructed using Cosmos’ software developer kit (SDK). The team successfully introduced the second testnet version of its Cosmos-based chain on August 14, staying true to its roadmap. To prepare for the mainnet launch, the Foundation issued guidelines for validators on the network.
A Nansen report highlights the token’s bullish accumulation trend over the past three months, as 585 wallets have added tokens worth $22.7 million. Notable accumulators include industry giants like Wintermute Trading, Cumberland, CMS, and Sigil.
The report also hints at “potential investor activity,” suggesting the possibility of an upcoming investment round, as some wallets received tokens directly from the “dYdX Foundation and investor distribution wallets.”
“Nansen analyst Martin Lee shared, ‘While the number of Smart Money wallets holding dYdX has remained steady since June 23, these wallets have consistently increased their exposure. Holdings have reached an all-time high of over 47.8 million tokens,'” revealed to Decrypt.
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