A crypto whale transferred more than $4 million worth of dYdX (DYDX) to the crypto exchange Kraken on Monday as the property’s rate pumped, according to the blockchain tracker Lookonchain.
DYdX is a decentralized derivatives exchange.
The task’s native token risen by 30% on Monday, the day the whale made the deposit. The whale would have earned a profit of $1.5 million if it offered the DYDX, according to Lookonchain.
DYDX is trading at $4.11 sometimes of composing. The 72nd-ranked crypto property by market cap is up by more than 9% in the previous 24 hours, more than 59% in the previous week and more than 117% in the previous month.
Investor Arthur Cheong is bullish on the entire decentralized derivatives sector. The creator and CEO of DeFiance Capital believes decentralized derivatives trading might quickly grow by 5-10x.
“We are most bullish on decentralized derivatives. When you take a look at all the numbers, it points at the derivatives trading sector as the most significant market in crypto. I believe the yearly income created by derivatives selling the area is most likely $10 to $15 billion in existing market conditions.
If we return to the booming market, I believe we’re taking a look at $20 to $30 billion, simply from derivatives trading alone. Right now, the decentralized derivatives platforms just can do 2 to 5% of the market share.
I believe this is poised to grow considerably over the next couple of years. I believe we must a minimum of get to 20% in the next 2 years.”
Created Image: Midjourney