DYDX Valuation Analysis & DEX Perps Comparison

DeFi perps might have the most momentum of any crypto subsector at the moment. Several DEXs are simultaneously on the verge of major improvements that appear to put their offerings on par with CEXs.

Moreover, this sector has an extremely good business model that can generate revenue. GMX and GLP alone led the real yield narrative by routing fees to token holders and liquidity providers. Outside of spot swaps, perpetual DEXs are also one of the easiest ways to eat into CeFi dominance.

We’ve identified four projects as favorites to lead the perpetuals space moving forward: dYdX, Synthetix, GMX, and Vertex. The first three are older projects going through another phase of evolution while Vertex is the new kid on the block boasting fresh protocol design.

In this report, we will examine where these projects are, where they are going, and look at the perpetual DEX landscape as a whole.

Before we get into depth on how these protocols work, we will first go through the token economics and potential for value accrual for these projects.

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