dYdX
💡 dYdX offers perpetuals and leverage trading on a semi decentralised platform
Type:
DeFi
Token Strength
$DYDX holders pay reduced trading fees, participate in governance and can stake $DYDX for more $DYDX.
Discounted trading fees
speculation on revenue accruing to DAO governed treasury with V4
Value created is not captured in the token.
Current revenues from fees accrue to the centralised dYdX Trading Inc. and NOT to a $DYDX token governed entity.
Decentralised app, deep liquidity leverage and perpetuals trading.
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Our Take
- Largest decentralised leverage/perpetuals exchange
- V4 upgrade (2023 Q2) might see upgrade of tokenomics where the DAO governs over revenue https://dydx.exchange/blog/v4-milestones
- Decent revenue compared to competitors, but tied to token emission as incentive
- Large unlock coming in January 2023
- Current circulating supply very low (10%), requiring a lot of growth to create demand for the token.
Deep Dive
Supply breakdown
