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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 was founded by Antonio Juliano, a former software engineer at Coinbase and Uber and they have raised...
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...Notable Tweets An important proposal for dYdX....2.5% ? 1% https://t.co/DG84P5Bk5o — Antonio | dYdX ?..., 2021...
3 Min
DeFi
Sep 2021
Reserve & Celo - Part 2
[pdf-embedder url=”https://storage.googleapis.com/members-portal-bucket/uploads/2020/07/Research-Report-Reserve-Celo-Part...-2-5-31-2020.pdf” title=”Research Report – Reserve & Celo – Part 2 – 5 31 2020″]...Simulation 2 and 3 did breach this Type something threshold, but only in 2% of iterations for the former...
1 Min
DeFi
May 2020
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...But new token incentives for traders – comprising 25% of supply — are tempered and will be distributed...
4 Min
Perpetual Futures
Aug 2021
DYDX Valuation Analysis & DEX Perps Comparison
The graphic above shows that in six months, perpetual DEX volume share went from 2% to 2.1%, with total...Even if DEX volume share remains at 2%, dYdX will generate $270M and $539M annually for $5T and $10T...This approach mitigates front running and has allowed Synthetix to lower trading fees to 2/6 bps on major...
40 Min
Derivatives
Jul 2023
Axie Part 2 - Gamer Economics
SLP supply peaked at 584mil on 29th May and had a short period of deflation....On 28th June it stood at 484mil, a 100mil(-17%) supply decrease in 30 days....Small Love Potion (SLP) has seen a significant growth in price of +712% YTD as of June 28th....Axie floor prices increased from 0.03 ETH to around ~0.066 ETH, and MEO 2 Axie prices rose from 0.084...
9 Min
Games
Jul 2021
Layer 2: Rollups
In this report, we look at how the Layer 2 ecosystem is shaping up and dive into the varying rollup solutions...In order to unlock the next phase of growth, the scaling torch has been passed over to Layer 2s, led...
1 Min
Infrastructure
Dec 2020
The Shift to Layer 2: A Potential Disruption Catalyst for the AMM Ecosystem
...and then encourage liquidity providers to move over from the main pool to the layer 2 equivalent....Ideally a user executing a swap on the ETH-USDC pool on Unipig (Uniswap fork on the Optimism layer 2)...Ideally as a user, regardless of whether interacting with the ETH-USDC pool on layer 1 or on layer 2,...
5 Min
Layer 2 / L2
Nov 2020
Infrastructure
Jun 2019
WTF Is Anoma? Part 2: WTF Are Intent-Based Apps?
Part 2 – Applications In Part 1 we have overviewed Anoma’s intents and seen how they compare to Ethereum-style...“Part 2: WTF are intent-based apps?”...has 2 sections; First, we take a look at some existing intent-based apps across various verticals that...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
DYDX On the Move
A lot of people were talking about the impending supply overhang from the DYDX token unlock, originally...slated for Dec. 2022....The dYdX team recently announced this token unlock would be pushed back to Dec. 2023, and further clarified...DYDX price action responded accordingly, breaking above a pretty important threshold set on the monthly...
1 Min
Perpetual Futures
Jan 2023
Finding the Fun in Fundamentals #2 - Wemade
From 2019 to 2024, gross revenue grew from ₩113.6 billion ($87 million) to ₩711.9 billion ($547 million...However, even after recording a ₩308.1 billion ($237 million) net profit in 2021, the company posted...steep losses in 2022 and 2023, at -₩185.8 billion (-$143 million) and -₩206.7 billion (-$159 million)...
18 Min
Gaming
Jun 2025
Coordination, Public Goods and Crypto (Part 2)
...century, yet the amounts of money raised to acquire these seats have gone up astronomically to $1.2B in 2017...mathematical demonstration of the sub-optimality of the 1p1v system in provisioning public goods, see page...
11 Min
Asset Management
Nov 2020
Coordination, Public Goods and Crypto (Part 2)
...century, yet the amounts of money raised to acquire these seats have gone up astronomically to $1.2B in 2017...mathematical demonstration of the sub-optimality of the 1p1v system in provisioning public goods, see page...
11 Min
Asset Management
Nov 2020
Zetachain Part 2: The Opportunity Ahead for Omnichain Applications
...the inscription technology by building a simple order book DEX for BRC-20 tokens....BRC-20’s on this DEX trade against sUSDT....The limited edition NFT collection boasted tiers ranging from $10K to $200K....Actual activity on Ordinals saw a significant spike between May and Sept 2023, averaging over 200K inscribed...
47 Min
Layer 1 / L1
Jan 2024
BAYC Gets BendDAO-ed & Internet Game Season 2
Internet Game is an interactive entertainment platform that is launching its Season 2, titled “Bear Market...There are 2 parts to the games....Part 2 is a live finale with 3 multi-player games hosted by Gmoney & Leah Lamarr....The Sandbox announces the start of Alpha Season 3 on August 24....Fractional raises $20M funding round, rebrands to Tessera.
11 Min
NFTs
Aug 2022
GMX Open Interest Overtakes dYdX
Open interest on GMX has grown over 100%  YTD,  overtaking dYdX whose open interest hasn’t increased...Despite this, dYdX still trades at fully diluted valuation over two times higher than the GMX. dYdX FDV...is $2.33B versus GMX which trades at $957M....In terms of fees, GMX has also outpaced dYdX over the last year, as dYdX trading rebates dwindle.
1 Min
Derivatives
Apr 2023
2/17 Analyst Call: BTC, Terra, Cosmos, NXM, NFTs, and Aggregators
Topics Covered: 2:05 – MicroStrategy’s Bitcoin Blueprint with Kevin Kelly 5:45 – Bitcoin ETF, Funds...& Futures with Kevin Kelly 6:27 – Inflation Expectations with Kevin Kelly 8:55 – Mirror & Terra...Cosmos IBC Launch with Medio Demarco 15:50 – How Nexus Can Incentivize Auditors with Medio Demarco 21...
1 Min
Layer 1 / L1
Feb 2021
dYdX Public Testnet Live July 5
dYdX’s public testnet is live and producing blocks (https://testnet.mintscan.io/dydx-testnet) and will...includes a larger number of validators (40+) and will be the first time for users to get a feel for dYdX...The public testnet is ahead of schedule, and if all goes well we could see the mainnet for dYdX v4 before...
1 Min
Derivatives
Jun 2023
Large Unlocks Incoming, DOT and DYDX
The first wave of unlock starts on 24 Oct, 2023, with 113M of DOT valued at ~$403M today....since July 2023....January 2023, upon which vesting would begin....The 150M DYDX unlock was pushed back to December 2023, giving the dYdX token ample time following the...
2 Min
Macro & Markets
Oct 2023