PBOC Signals Support, dYdX Flips Coinbase
SEP 27, 2021 • 3 Min Read
Disclosure: Delphi Ventures has invested in ETH, BTC, and dYdX. Members of our team also hold PERP. These statements are intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
Key Takeaways
PBOC signaled support by injecting net 100B Yuan (~$16B) into market operations as Evergrande fears continue. The Fear & Greed index has been hovering around ~25 (a state of fear) for the past few days.
dYdX surpassed Coinbase’s 24H trading volume. This is the first time a derivatives DEX has outperformed a major centralized exchange in terms of volume.
A key contributor to the recent surge in dYdX volume has been the structure of its mining rewards. dYdX token rewards are a function of average open interest over the epoch (i.e. 28 days) and total trading fees paid. Tomorrow is the last day of this epoch so the volume spike is likely driven by traders trying to game the rewards distribution.
In addition to breaking records for trading volume, the $DYDX token hit a new all time high price of $22.67 earlier today before cooling off. Perpetual Protocol’s token ($PERP) has also followed closely behind, perhaps benefiting from the same thematic trade.
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