- 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 Defy 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).
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 foundation had robbed its users of money to pay venture capitalists. In contrast, GMX makes them enjoy the feeling of shareholders.
Source: https://coinedition.com/dexs-only-share-1-of-market-open-interest-orders-argues-analyst/