dYdX: investigation into the 'anti-FTX'
In just a few months, dYdX has made its mark on the crypto landscape. As its latest stratospheric figures show, the decentralised platform of American origin has benefited from the fall of FTX and the growing doubts surrounding centralised players. But is this the only explanation? We set out to find out 👀
Four letters: dYdX.
Since the FTX platform collapse, much of the crypto industry is all about this decentralised exchange platform ("DEX" in the jargon), considered one of the new stars of the sector ✨
In fact, dYdX's figures are impressive: In 2022, the platform recorded a trading volume of $466 billion (140% in one year) and recouped $138 million in fees. Not bad, for a project officially launched in 2021.
How do you explain such success? 🤔
The fall of FTX at the end of 2022 has obviously benefited the decentralised platform. "We've had a lot of new users," confirms Charles d'Haussy, the Frenchman at the head of the foundation based in Zug (Switzerland).
But that's obviously not the only explanation; dYdX has also benefited from the fact that, unlike centralised Exchanges, the platform is decentralised and therefore does not directly store its customers' cryptos.
At the origin of dYdX
dYdX was created in 2017 - its network has been available since 2021 - based on a simple principle: crypto traders, especially professionals, have exchange platforms at their disposal, but all of them are centralised.