- CoinGecko data illustrates that DEXs make up only 1% of the market Open Interest.
- Binance’s 24-hour OI orders were over $8.6 billion, while dYdX had only $314 million.
- The total derivatives volume in 24 hours was over $141 Billion.
A DeFi analyst on Twitter argued that the trendy comparison between two of the most significant decentralized crypto exchanges (DEXs), dYdX and GMX, was out of place.
The analyst brought data from the market tracking website, CoinGecko, to illustrate that DEXs only share approximately 1% of the market Open Interest (OI) orders and volumes compared to centralized exchanges (CEXs).
This talk of $dYdX vs. $gmx vs. $gns vs. pick-ur-GMX-fork misses just how small decentralized perps exchanges are compared to CEXes.At ~1% share of OI and volumes, there's plenty of room for growth for multiples players. pic.twitter.com/Gf07PzX8rK
— DeFi Surfer (@DeFiSurfer808) February 6, 2023
A few weeks back, a crypto enthusiast posted the market chart of dYdX and GMX side-by-side, comparing the prices. Given that dYdX’s share was worth below $2 and GMX’s share sold over $46, the Twitter user added a negative comment that the DyDx foundatio…
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