The native token of the decentralized trading platform dYdX Chain (DYDX) has risen above $3 for the first time this year, following a new record in daily trading volume set by the DEX.

Information provided by CoinMarketCap indicates an impressive 24-hour trading volume of $565.85 million for version v4 of the platform, based on the interchain protocol Cosmos. This surpasses the volume of Uniswap v3 on Ethereum, which amounted to $458.46 million during the same time period.

Upon closer examination of the trading activity on dYdX v4, it can be noted that the most actively traded pairs are Ethereum/USD, Bitcoin/USD, and Solana/USD, with volumes of $155 million, $131 million, and $91 million respectively. The total open interest in these pairs on the platform reaches approximately $26 million.

Representatives of the dYdX Foundation emphasized that this achievement was reached in less than two months since the activation of full trading functionality. In November of the previous year, the platform transitioned from beta testing to full functionality, which raised concerns regarding the migration of users from Ethereum to the new blockchain.

Interestingly, the dYdX v3 market on Ethereum still remains active and holds leading positions among DEX. The trading volume of v3 in the last day amounted to approximately $405.9 million. Furthermore, on January 12th, the dYdX network reached a significant milestone of $1 billion in 24-hour trading volume, confirming the platform's high efficiency and popularity among users.

Achieving the maximum trading volume for DYDX has led to the token's price exceeding $3 for the first time this year, demonstrating a 7% growth in the last 24 hours.

Despite this positive trend, there is an expected token unlock of around $2 million next week, which could create additional pressure on buyers.