Chart of the Day
China cracks the regulatory whip, crypto exchanges pull business operations out of the country one after the other, and… the market dips. And yet, for decentralized exchange (DEX) dYdX, this tumultuous period for the crypto industry has led to new historical records for the protocol, as crypto enthusiasts in China increasingly look towards alternative playing fields in the DeFi world.
dYdX’s Total Value Locked (TVL) has shot past $600 million, the price of their native token DYDX reached an all-time high of $22.67, and their daily trading volume momentarily eclipsed that of leading exchange Coinbase on Sept. 27, 2021.
Talk of the Town
Facebook announced a $50 million investment into metaverse development via a new XR Programs and Research Fund. For those who have not yet jumped on the crypto metaverse train yet, a metaverse is a 3D virtual social space where users can build virtual homes, create avatars and interact with others, all facilitated by cryptocurrency transactions. Ethereum-based decentralized metaverse projects such as Decentraland and The Sandbox have become increasingly popular with crypto and DeFi fans.
Critics from the space are skeptical of Facebook’s new venture into metaverse technology. Given the company’s track record with regulators in the last two years, Facebook has prefaced the announcement with a note that it will be working closely with the government and other institutions right from the start. Will this go more smoothly than Facebook’s beleaguered stablecoin project Diem?