After an increase of about 100% over the last 7 days, the crypto dYdX has just entered the top 100 of the most important marketcap. To the point of overshadowing Uniswap?
Launched barely 1 month ago, the dYdX token is already talking about it. With a strong increase in recent days which now allows it to appear on the front page of the largest crypto projects by capitalization. Zoom today on the platform but also on the perspectives of evolution in the future.
Presentation of the dYdX Platform
The dYdX platform aims to provide a solution in the field of decentralized crypto exchange. Like other platforms known as Uniswap or Pancakeswap. However, the solution departs from these traditional platforms in terms of its structure. dYdX is a trading platform that works via the Ethereum blockchain. Via the platform, it is possible to leverage trading. The platform has also become known for the lending and borrowing of cryptos.
One of the main attractions of the solution is that it is “gas free”, meaning that there are no blockchain fees to pay to exchange cryptos between them. This considerably reduces the cost of using dYdX and de facto makes this solution extremely competitive for traders.
Over the last 24 hours, the platform has been far ahead of the decentralized exchanges in terms of transaction volume. With nearly 3 billion euros exchanged. That is 40% of the market share of decentralized exchanges. Well ahead of Uniswap’s V3 or PancakeSwap’s V2, which are displayed under one billion euros for respective market shares of 13 and 10%. A few days ago, the platform exceeded in terms of volume of exchange over 24 hours, one of the giants of the centralized exchange: the Coinbase platform. Over the last 6 months, data from Coingecko tend to show that the volume of transactions has climbed by 20,000% on the dYdX platform.
The evolution of the dYdX crypto price
At the beginning of the month, the platform has launched his airdrop. An airdrop that has enabled more than 60,000 users to be offered 310 to 9,500 tokens depending on their use of the platform. Users who had traded at least $ 1 on the platform were awarded 310 tokens while the few users who exceeded the million dollar traded were rewarded with nearly 10,000 tokens. At the current price (€ 21.30), this represents rewards ranging from € 6,603 to € 202,000. On average, platform users received 1,163 tokens for this airdrop. Or nearly € 25,000 at the current price.
As soon as it was put on the market, the price of the dYdX token soared. The graph below shows the price of the asset since it was put on the market at the beginning of the month.
After the first day of trading, which will have been rich in terms of trading volume, the asset will remain rather calm for several days. Before a first increase on September 16 which will finally give birth to a mouse after the correction phase. A phase which will then push the token back to the level it used to have before the rise.
The second phase of increase will take place from September 25. A token is then exchanged for a little more than 10 €. Two days later, the asset will flirt with the € 20 mark, a level that will have passed for the first time today. At the time of writing, a token is exchanged for € 21.30. Over the last 7 days, the increase observed is greater than 90%. Over the last 24 hours, the project has also shown a strong increase: + 20%. An increase that today allows dYdX to join the top 100 crypto.
dYdX: A Viable Long-Term Project?
The open war launched by China on cryptocurrencies is expected to push a number of local players into the world of decentralized finance. A boon for platforms like dYdX which will then be able to continue to grow and develop their offers.
If we focus on the analysis of prediction algorithms, they seem rather positive on the solution. This is for example the case with DigitalCoinPrice who estimates that a token can exceed the $ 38 mark at the end of the year. With an uptrend which could continue in the longer term. The platform’s algorithms then estimate that the token will surpass the $ 50 mark as early as 2023.
The models of TradingBeasts show a little more reservations on their side. With a price estimate of $ 24, in a range between $ 20.4 and $ 30.2 by the end of the year. But in the longer term, optimism also seems to be de rigueur since the platform believes that the crypto dYdX could see its price double as of September 2022. On a longer term horizon, we are also on a continuation of the uptrend.