As the cryptocurrency exchange continued to rise, derivative transactions increased for the third month in a row.
The crypto money industry continues to survive the losses of 2022. As we enter 2023, the rises and developments in the sector continue.
Crypto Derivatives Volume Increases for Third Consecutive in 2023
A published report noted a surge in spot DEXs offering derivatives trading. Crypto derivatives trading volumes on both centralized and decentralized exchanges saw a rise for the third consecutive month, according to data from CCData.
This rise was recorded as a quarterly rise since January 2022. According to the data, derivatives transactions accounted for about 74 percent of the total crypto market volume of about $4 trillion last month. While the majority of derivatives trading took place on centralized exchanges (CEX), $68.7 billion in transactions were returned on decentralized exchanges (DEX). In addition to these, dYdX had a share of 62.6 percent.
The CCData report stated:
“We expect decentralized derivatives protocols to continue to perform well and gain market share in the coming quarter.”
According to CCData, investors are moving their trades to these platforms as they realize the potential of spot DEXs and derivative DEXs.
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