dYdX flips Uniswap as top DEX by volume; Pullix sees increased demand

  • Pullix (PLX) continues to attract trader attention as its presale surpasses $3.8 million.
  • Meanwhile, dYdX (DYDX), the native token of Cosmos-based decentralized exchange (DEX) platform dYdX Chain, has surged in the past week.
  • This comes as dYdX flips Uniswap (UNI) to become the largest DEX by daily trading volume.

As the market growth pushes the dYdX price higher, analysts say a new trading platform’s native token could be one of the best crypto to invest in today. This outlook comes as trader attention increasingly flips towards Pullix (PLX), a hybrid exchange project that’s currently in presale. 

Here’s a look at dYdX’s milestone. Also find out why Pullix could be one of the top investment opportunities in 2024.    

dYdX Chain: DYDX surges as volume flips Uniswap

dYdX (DYDX) currently sits top of the ranking as the largest decentralized exchange (DEX) by trading volume. This is after the Cosmos-based dYdX surpassed Uniswap with a massive 24-hour volume of $625 million compared to Uniswap’s $512 million.

According to CoinMarketCap data, the dYdX (v4) 24-hour volume accounted for nearly 12% of the market share, while Uniswap was seeing 9.7%. The milestone for dYdX (v4) comes after a remarkable year of growth for the trading platform.

Full trading on dYdX Chain launched in November 2023, and by the end of December, it had seen over $8 billion in volume. The dYdX Chain hit the $1 billion mark in 24-hour trading volume on January 12.

Pullix (PLX): The new hybrid exchange

Interest in Pullix (PLX) has increased as its presale accelerates towards the final stages. Early bird investors have seen the token sale raise over $3.8 million by stage 6 of the PLX offer.

The level of excitement around this project is likely to soar further as it nears its launch. However, as market experts have opined in recent months, new exchanges that combine and deliver the best of centralized and decentralized exchanges could be the future of DeFi.

Other than offering a non-custodial trading platform and incentivizing users to provide liquidity, Pullix provides for portfolio diversification perpetual futures, CFDs and crypto. With PLX, you can also earn from yield farming and staking, earning passive income as trade.

Users can also tap into the exchange’s hybrid model to leverage opportunities in the traditional markets, where FX alone accounts for a staggering $6.6 trillion in daily volume.

dYdX (DYDX) price outlook

The dYdX Chain uses the layer 1 token DYDX as its governance token. The protocol supports staking. As such, dXdY’s market share increase has coincided with a price surge for the DYDX token, which reached highs of $3.15 on Thursday.

In the past month, DYDX price has increased by nearly 15% and is up 32% since touching its all-time low of $2.30 on January 3, 2024. With the all-time high at $3.73, analysts say there’s room for DYDX to enter price discovery amid a broader market rally.

Can Pullix (PLX) be a good investment opportunity?

While dYdX could be one of the best DEX tokens to buy now, Pullix stands out as a hybrid exchange project, bringing the best of both centralized and decentralized exchanges to the trading community. The potential for PLX to gain amid market growth means the Pullix presale presents an opportunity.

Pullix’s native token will power its “Trade-to-Earn” ecosystem, giving holders an opportunity to earn passively from the exchange’s daily revenue.

Furthermore, the current PLX presale price in stage 6 is $0.08, up from $0.04 in the initial stage. With the interest in hybrid exchanges growing and Pullix targeting the revitalized DeFi ecosystem, post-launch prospects for PLX look great.

This, and the fact that the trading platform will burn 50% of the generated fees (in PLX), and offer 50% for staking rewards, makes for a tantalizing investment prospect.

Do you want to learn more about Pullix and its native token’s utility? Join the presale.

Leave a Reply

Your email address will not be published. Required fields are marked *