dYdX, the decentralized non-custodial lending platform, has just hit an enormous milestone: it has realized more than 1 billion loans in a roughly one year life span. The platform announced the milestone on Twitter on April 17, showing the one-year volume being just above $1.1 billion.
In both February and March 2020, dYdX hit all-time highs, reaching $250 million and $400 million respectively. The team also mentions that dYdX native markets have seen $534 million in trades over the past 7 months alone.
dYdX recently announced that it would launch Bitcoin perpetual contracts that would be settled with USDC. This marks the first time a decentralized exchange (DEX) will offer trading of Bitcoin perpetual swaps. Perpetual swaps are bitcoin contracts with no date of expiration or settlement. dYdX is the 7th largest Decentralized Finance (DeFi) service, with $22 million locked in at the time of publishing.
The space has been growing at a striking rate, despite the economic turmoil of 2020. The DeFi market recently hit one of its lowest points in recent times on March 13, during the peak time of the spread of the coronavirus. It has since recovered and sits confidently at roughly $730 million locked in.