dYdX Chain Sees Increased Adoption Despite Token Price Decline
In recent times, the dYdX Chain has witnessed significant adoption, marked by the addition of 20 new markets to its platform since the deployment of the New Market Listing Widget on dydx.trade.
The latest addition to the platform is $ALGO, contributing to the total TVL (Total Value Locked) reaching $11 million.
Since the New Market Listing Widget was deployed on https://t.co/vHvV7TjD0O 20 new Markets have been added to the @dYdX Chain
dYdX Community members can propose a new market in 7 easy steps
Read the tutorial for a step by step guide https://t.co/F1pGzjtl0f
— dYdX Foundation (@dydxfoundation) March 11, 2024
Despite this positive development, the native token of the dYdX Chain experienced a slight decline of 1% in its value today, although it has seen a modest growth of 36% over the past month.
Recent on-chain reports from Lookonchain revealed notable activity involving institutional investors in the dYdX ecosystem. Two institutions deposited a total of 2.98 million $DYDX tokens, equivalent to $12.17 million, into the Binance exchange within the past 8 hours.
2 institutions deposited 2.98M $DYDX($12.17M) into #Binance in the past 8 hours.
Teneo: 3AC Liquidation deposited 991.3K $DYDX($4.04M) to #Binance 8 hrs ago and currently holds 7.44M $DYDX($30.45M).https://t.co/8cIWriR0ug
Pantera Capital deposited 1.99M $DYDX($8.13M) to… pic.twitter.com/NCe8wxspaQ
— Lookonchain (@lookonchain) March 12, 2024
Top Institutions DYDX Token Movements To Monitor
Teneo’s 3AC Liquidation deposited 991.3K $DYDX tokens, valued at $4.04 million, into Binance 8 hours ago. As of now, Teneo holds a significant amount of 7.44 million $DYDX tokens, valued at $30.45 million.
Additionally, Pantera Capital deposited 1.99 million $DYDX tokens, amounting to $8.13 million, into Binance 5 hours ago, indicating further institutional interest in the dYdX ecosystem.
These recent developments underscore the growing interest and investment in the dYdX Chain, as institutional players recognize the potential of its decentralized trading and lending platform. While the native token may have experienced a temporary decline in value, the overall trajectory of the dYdX Chain appears to be one of increasing adoption and expansion within the decentralized finance (DeFi) space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Filed under: Bitcoin - @ March 13, 2024 5:14 am