The trading volume of popular Dex protocol dYdX nosedived by 80% overnight, dropping from a weekly high of $11.06 million to the current volume of $1.90 million. The volume of dYdX spiked over the weekend in the wake of the Chinese crypto ban, where many Chinese traders turned to defi as centralized exchanges such as Huobi and Binance shut their doors as per government orders.
Source: Nomics
The main reason for the decline of trading volume is being attributed to the end of the Epoch1 transition mining program on September 28. The Epoch1 program offered mining rewards making it quite lucrative and the China ban only helped the trading volume towards the end of the Epoch1 program. China announced a new set of regulatory guidelines to crack down on all kinds of crypto-related activities on Friday. Market analysts believe Chinese traders rushed to Defi market to trade cryptocurrency.
On September 28, the last day of Epoch1, the trading volume of dYdX reached a whopping $11 billion just ha
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