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DYDX Valuation Analysis & DEX Perps Comparison
DYDX: The DYDX token has been an outlier to this trend....Currently, with dYdX v3, all trading revenue flows to dYdX Trading, Inc....The 150M DYDX unlock was pushed back to December 2023, giving the dYdX token ample time following the...MEV on dYdX.
40 Min
Derivatives
Jul 2023
dYdX
Summary dYdX is a decentralized derivatives exchange for perpetual swaps and margin trading....$300M in total trading volume already on its cross margined perpetuals running on Starkware’s Layer 2. dYdX...SPV Terms dYdX is raising $65 million at a $215M equity valuation and an implied $430 million fully diluted...
1 Min
AMM
Apr 2021
PBOC Signals Support, dYdX Flips Coinbase
dYdX Flipped Total Coinbase Volume While dYdX continues to dominate the DeFi perps market, it also recently...A big contributor to this is the nature of dYdX’s trade mining rewards structure. dYdX token rewards...Perp DEX Tokens Shine In addition to breaking records for trading volume, the $DYDX token hit a new...
3 Min
DeFi
Sep 2021
A Quick Look Into dYdX's Growth Post-Token
The Effect of Farming Incentives dYdX’s total volume increased from about $10 mn a day to over $250 mn...This growth can be attributed to the recent DYDX token launch and traders attempting to farm DYDX rewards...data tells us how many addresses interacted with the exchange, and to what degree they are active. dYdX...
4 Min
Perpetual Futures
Aug 2021
Ribbon Expands to Options DEX With Aevo
While we can point to the success of dYdX as a blueprint for perpetuals, or GMX for synthetic margin...It offers a hybrid off-chain order book and on-chain settlement DEX, similar to dYdX v3....If you’re familiar with dYdX’s current infra setup, this is nothing new.
11 Min
Options
Feb 2023
Market Note: DeFi's Resurgence?
DYDX The Weekly View dYdX had been stuck in a range since May of last year. 2023 has been a bit of...However, if dYdX is able to conquer the current resistance zone, the bulls will be targeting $6.91-$7.83...Unless dYdX manages to break out (resistance being 2.93 and the 6.30-6.90 area), the next target would...
11 Min
Macro & Markets
Mar 2023
WTF Is Anoma? Part 2: WTF Are Intent-Based Apps?
Li.Fi / Socket Aggregators OpenSea / Blur NFT Marketplaces CoWSwap / 1inch Fusion DEX (Spot) dYdX...dYdX While we’ve explained how intents are not just limit orders, then can of course be just limit orders...When we think of orderbook-based DEXs in crypto we think of dYdX. dYdX has stood alone (although with...
24 Min
Layer 1 / L1
Sep 2023
Paradex: Reimagining On-Chain Markets from First Principles
CairoVM also powers Starknet and STRK based scaling, which has been leveraged by other platforms like dYdX...evolution of exchanges: first-gen DeFi (Uniswap, etc.) was an innovation (AMMs vs order books), second-gen (dYdX...
53 Min
DeFi
Sep 2025
Are Infinity Pools the Next Big Speculation Primitive?
This forfeits the composability that makes options such a powerful tool. dYdX creates a CEX-like experience...spot price to index against perp contract prices, advanced order types, and off-chain matching engine. dYdX...Therefore, Infinity Pools will likely have slightly higher fees than major competitors like Synthetix, dYdX...
12 Min
AMM
Mar 2023
Do Airdrops Hurt More Than They Help?
...airdrop, we have seen a number of high-profile airdrops that have rewarded early adopters, including dYdX...While the dYdX airdrop was valued closer to $800M at its launch, any user with over $100k in trading...Airdrop Design Airdrops started by retroactively rewarding users for their behavior (trading volume on dYdX...
25 Min
DeFi
Jul 2024
Governance Digest
Active Votes The Bancor community is deciding on whether to whitelist a DYDX pool on the DEX....Active Votes The Bancor community is deciding on whether to whitelist a DYDX pool on the DEX.
4 Min
DAO
Oct 2021
The Year Ahead for DeFi 2024
This was a big reason for dYdX’s StarkEx rollup success....When dYdX was on a rollup, the DYDX token was a “valueless governance token”....There was clear value against the token because it only represented a vote in the dYdX DAO....Today, DYDX is an L1 token — used as gas on the dYdXChain and as the asset validators must bond.
100 Min
DeFi
Dec 2023
Market Musings - Return of the Flows
...there were some large notable unlocks, including: AVAX – $370M unlock (~2.5%) OP – $67M unlock (~2.2%) DYDX...to token unlocks: PRIME – $30M unlock (~4.2%) 1INCH – $41M unlock (~8.5%) OP – $79M unlock (~2.9%) DYDX...
11 Min
Macro & Markets
May 2024
Market Musings - April Showers Bring May Flowers
...unlocks including: PRIME – $30M unlock (~4.2%) 1INCH – $41M unlock (~8.5%) OP – $79M unlock (~2.9%) DYDX...
8 Min
Macro & Markets
Jun 2024
Do Fundamentals Matter in Crypto Markets?
dYdX has generated revenue to the tune of ~$54M in the last 180 days....This revenue is generated via trading fees on the dYdX derivatives exchange....However, all of this revenue goes directly to dYdX Trading Inc and not to anyone else....Tokens were issued to traders, market makers, and stakers in the dYdX insurance fund.
17 Min
DeFi
Sep 2022
Re-Evaluating The Decentralized Derivatives Landscape
For this reason, dYdX’s model doesn’t need much elaboration....Most of the time, dYdX funding and pricing is comparable with CEXs....So it seemed natural to be skeptical of dYdX’s ability to scale. dYdX is built on a zk-rollup powered...20 bps for taker fees, with added discounts for DYDX token holders.
37 Min
Perpetual Futures
Jun 2022
Market Musings - Will History Rhyme?
$OP – $53m (2.79% of circulating supply) $DYDX – $10m (3.65% of circulating supply) $SUI – $48m – (2.56%...
9 Min
Macro & Markets
Jul 2024
Arbitrum Odyssey Beings, Top NFT Collections, Intro to My Pet Hooligan
...docs.looksrare.org/guides/selling-nfts/conditional-listing — LooksRare (@LooksRare) June 23, 2022 dYdX...V4 to Be Built on Cosmos-SDK We’re excited to announce that dYdX V4 will be developed as a standalone...🔗🎉 — dYdX (@dYdX) June 22, 2022...
4 Min
Layer 2 / L2
Jun 2022
Avalanche L1s: Powering the Future of Appchains
Examples like Uniswap (Unichain L2) and dYdX (dYdX L1) come to mind.
22 Min
Infrastructure
Jun 2025
Oasis TVL, Balancing Balancer, ZK Landscape Update
ZKRs have been around for a few years, but these have been dominated by app specific use cases like dYdX...dYdX has by far been the most used L2 app to date, regularly doing >$1B in trading volume per day...While dYdX has an impressive $450M of protocol revenue over the past year it’s come at the expense of...
8 Min
Layer 2 / L2
Jun 2022