Examples like Uniswap (Unichain L2) and dYdX (dYdX L1) come to mind.

There was a time when both dYdX and GMX had 100% and 29% market share respectively.

At the same time, there has also been a trend of successful applications (dYdX, Aevo) leaving their base...

...bridging assets is cumbersome, fragmented liquidity, market maker issues Perpetual exchanges (like DYDX...

Consider the pattern: Uniswap launched an L2, Ethena is building an L1, and dYdX migrated to its own...

$OP – $53m (2.79% of circulating supply) $DYDX – $10m (3.65% of circulating supply) $SUI – $48m – (2.56%...

...value prop to the applications given they are ultimately the distribution channel for stablecoins. dYdX...

...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...

...of appchains, so far we have not seen demand in practice outside of a few perp chains (Hyperliquid, dYdX...The perp landscape has seen numerous protocols take top spot like Synthetix, Perp Protocol, GMX and dYdX...

$OP – $52.97m (2.88% of circulating supply) $ENA – $8.17m (0.87% of circulating supply) $DYDX – $11.25m...

In less than just 10 months, Hyperliquid is now the most popular perps DEX by volume, eclipsing both dYdX...

...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...

...unlocks including: PRIME – $30M unlock (~4.2%) 1INCH – $41M unlock (~8.5%) OP – $79M unlock (~2.9%) DYDX...

However, a few names to be aware of include: AVAX – $370M unlock (~2.5%) OP – $67M unlock (~2.2%) DYDX...

DYDX currently sits at $900M FDV with $2.3B in 7d perps volume, roughly double that of Derive and 25x...On a purely relative basis, settling at $500M seems reasonable, as Derive has over half of dYdX volume...

Dydx [$1B] 4. Wormhole [$1B] 5.

...their own appchains once they hit an escape velocity, demand and independence from the composability. dydx...

STARK: StarkNet, ImmutableX dYdX.

Bull Case: JUP is a symbol for Solana DeFi Jupiter = 1inch, Uniswap, and dYdX combined There still aren...

EVM, Solana, Cosmos, Aptos, Sui, CEXs, Hyperliquid, DyDx; they do it all.