dYdX (DYDX), a decentralized derivatives exchange that runs on Ethereum (ETH), has surpassed Coinbase’s volume for the first time, executing over $3.6 billion in trades in a 24-hour period.

The protocol’s success came in the midst of Beijing stepping up its clampdown on crypto, which spurred the recent interest in decentralized exchanges (DEXs) and other decentralized finance (DeFi) products among Chinese users.

Ethereum Layer-2 DEX doing more volume than Coinbase

“5 years ago I left Coinbase and eventually founded dYdX. Today, for the first time, dYdX protocol is doing more trade volume than Coinbase,” announced DEX’s founder and former Coinbase employee Antonio Juliano, celebrating the milestone in a tweet.

Juliano said he was “blown away and humbled by the recent growth with dYdX,” as the DEX, which offers perpetual, margin and spot trading, as well as borrow and lend pools on Ethereum, beat Coinbase’s volume by an impressive margin.

Finally, Juliano expressed his gratitude to Coinbase for providing him with the needed experience and support for venturing out on his own.

At the time of writing, by executing over $6,5 billion in trades in the past 24 hours, dYdX is doing more volume than every other DEX combined. 

Chinese users flocking to DEXs 

China-based crypto journalist Colin Wu, who also updated the news, explained that “the current huge transaction volume is still caused by farming, rather than real demand.”

In a recent tweet, Wu pointed out that “a large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase.” 

As Beijing’s regulatory pressure pushed centralized exchanges out of the picture, “all Chinese communities are discussing how to learn DeFi.”

Meanwhile, the protocol’s governance and utility token, DYDX, witnessed a 30% price bump in under 24 hours and set a new all-time high (ATH).

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