Ethereum-Based Decentralized Exchange Token Explodes 50% As Project Releases Yearly Report
An Ethereum (ETH)-based decentralized exchange (DEX) token has shot up 50% in just a few days after the project released a new annual report. The dYdX (DYDX) Foundation released its “inaugural ecosystem annual report” on Monday, which outlined the decentralized finance (DeFi) DEX’s development in 2022. In 2022, DeFi proved its resilience and demonstrated clear advantages over CeFi [centralized finance]. Market activity and sentiment highlighted the benefits of trustless technology, self-custody, and decentralization, including an opportunity for unparalleled transparency and fairness. We believe that these principles are key to the dYdX protocol’s success in the future.” The exchange’s native token, DYDX, was trading around $2.23 on Monday and has since skyrocketed to $3.36 at time of writing, a more than 50% increase. The 91st-ranked crypto asset by market cap is also up a whopping 180% in the past month.
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