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DeFi exchange token dYdX surges 9% overnight
According to CoinGecko data, the decentralized derivatives exchange dYdX (DYDX) has been among the top gainers in the past 24 hours by market capitalization among 100 cryptocurrencies.
dYdX is a popular decentralized derivatives exchange with a 24-hour trading volume of over $589 million. Its surge preceded the upcoming launch of a Cosmos-based blockchain for the project, as well as the broader market rally on Wednesday.
In June last year, the dYdX Foundation announced the migration of the exchange to an independent blockchain built using the Cosmos Software Development Kit (SDK). The broader risk asset rally on Wednesday supported a positive price movement for DYDX.