Derivatives DEXX dYdX outperform Coinbase in volume amid China FUD

Chinese traders are flocking to the derivatives DEX (dYdX) amid concerns about a renewed Chinese crypto crackdown. dYdX, a decentralized derivatives exchange, has seen a surge of trade activity due to concerns about a renewed Chinese crypto crackdown. The DEX processed more trades than Coinbase in the last 24-hours according to CoinGecko. This beats Coinbase $3.7B in volume by almost 15%. DYdX founder and former Coinbase employee Antonio Juliano celebrated the milestone in a Sept. 27 tweet.5 years ago I left @coinbase and eventually founded dYdX Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase– Antonio | dYdX (@AntonioMJuliano) September 26, 2021 The surging growth for dYdX comes amid renewed concerns regarding the threat heavy-handed Chinese regulation could pose for the global crypto sector.On Sept. 24, Beijing intensified its crackdown on crypto assets by banning all digital currency transactions. In a statement, the People’s Bank of China stated that cryptocurrencies were “not legal” and could not be used in the market. This was reported by Cointelegraph. Colin Wu, a China-based crypto reporter, noted a recent surge of demand for DeFi products among Chinese users. He also said that “a large number of Chinese users would flood into the DeFi universe, and the number of MetaMask users and dYdX users will greatly increase.” All Chinese communities are discussing defi.” In June, Huobi, China’s largest crypto exchange, banned domestic derivatives trading. Huobi shut down its China-based exchange operator the following month as Beijing pressure increased. CoinGecko reported that Huobi’s exchange volumes increased by 19,700% over the past six months. Coinbase, however, has experienced a relatively flat exchange volume growth during the same period, with a mere 6%. The Chinese community is sharing its registration link. The registration link is being shared by the Chinese community. DYdX allows traders to use a variety of perpetual contracts on different crypto assets. Coinbase invested 1,000,000 USDC stablecoins in dYdX in September 2019 through what it called a USDC Bootstrap Fund. dYdX raised $65 Million in a Series C round of funding led by Paradigm, a venture fund.

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