The global cryptocurrency market capitalization hit its highest point in late 2021 when it touched $2.7 trillion. Since then, the market has been in a tailspin. Thankfully, the winds of change are blowing, and the industry is witnessing frenzied activity. The global crypto industry has already recovered its mark cap to slightly over $1 trillion. More importantly, the industry recorded a trading volume of over $73 billion in just 24 hours.
The highlight of this recovery is that many altcoins are posting record trading volumes. In particular, investors are impressed by the trading volumes of dYdX (DYDX), TMS Network (TMSN), and Pancakeswap (CAKE).
dYdX (DYDX) is a layer-2 blockchain that operates the decentralized crypto exchange of the same name. As one of the oldest DEXs in business, dYdX (DYDX) has made a strong and admirable attempt to chip away at Uniswap’s market share in the industry. dYdX (DYDX) offers low transaction fees, discounts on transactions, and staking opportunities to attract users. To its credit, dYdX (DYDX) has built a loyal userbase, albeit much smaller than it probably wanted. The sheer size of Uniswap dwarfs every other DEX in the industry, but dYdX (DYDX) is inching closer to it, even if slowly.
dYdX (DYDX) launched with $10 million in seed funding from venture capitalists. dYdX (DYDX) offers spot trading, margin trading, and perpetuals trading. As of today, dYdX (DYDX) offers an impressive 25x leverage on margin trading. However, unlike Uniswap, dYdX (DYDX) does not use an automated market maker. It uses an orderbook instead. Recently, dYdX (DYDX) has been witnessing intense trading activity from investors looking to catch the next big breakout as the industry recovers.
TMS Network (TMSN)
TMS Network (TMSN) answers the question: how to prevent insider trading, increase transparency, and curb regulators’ ability to manipulate markets to favor vested interests? TMS Network (TMSN) is a decentralized crypto exchange that facilitates buying and selling cryptos, CFDs, equities, and forex.
TMS Network (TMSN) is the first DEX to allow users to trade in fiat assets using crypto only. TMS Network (TMSN) can trade across a wide variety of exchanges in the world. They also get access to powerful tools like social trading, trading bots, on-chain analytics, arbitrage trading signals, and so on. TMS Network (TMSN) supports smart contracts, which allow developers to create and operate dApps on the platform.
TMS Network (TMSN) is currently undergoing stage 2 of its ICO presale and has already managed to raise over $3 million in funding. Analysts expect TMS Network (TMSN) to grow by 1,000x within 20 months.
Pancakeswap (CAKE) is another DEX with a robust presence in the crypto industry. Since its launch in 2020, Pancakeswap (CAKE) has grown into a formidable presence in the crypto space. However, Pancakeswap’s (CAKE) market cap pales in comparison to industry incumbents. In fact, Pancakeswap (CAKE) has a market cap that’s slightly greater than one-tenth of the industry giant, Uniswap. In its pursuit to overtake the competition, Pancakeswap (CAKE) offers pretty much everything that Uniswap does and more. Pancakeswap (CAKE) too has an automated market maker and allows users to stake and yield farm their funds on the platform for passive income. Pancakeswap (CAKE) also allows users to participate in lottery programs and make extra cash in lucky draw wins.
As buying activity soared in the aftermath of the sharp increase in the crypto process this past week, Pancakeswap (CAKE) has experienced a sudden burst in activity. That has pushed both its price and trading volume.
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