The decentralized derivative exchange, dYdX’s native token, DYDX, has jumped 10% in the last 24 hours without any major updates from the project team.
DYDX has surged to near $2.20 on the daily high, with its 24 hour volume gaining more than 35% to $68 million, according to market data from CoinMarketCap.
It is possible that the sudden surge in the DYDX token’s price can be linked with its much-anticipated launch of dYdX v4.
A report by Nansen shows a bullish run in the dYdX token as users have been accumulating the tokens over the last three months.
The application-specific chain dubbed ‘dYdX Chain’ is the 4th variation (v4) of the decentralized derivative exchange. dYdX Chain is built using Cosmos SDK and its interoperable blockchain infrastructure.
Earlier this month, the team announced that they will migrate the ERC-based token from Ethereum to its upcoming dYdX Chain.
Launched in July 2017, dYdX is a decentralized derivative exchange on Ethereum. It is one of the first and largest DEXs in DeFi with the current TVL of $341 million. DYDX token is native governance token of the launched protocol.
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