Research Report: Create DeFi Derivatives Track

the situation

dYdX is an Ethereum-based decentralized digital asset derivatives trading platform primarily focused on future tracking, providing futures trades, margin trades and spot trades on the Layer2 network in the order form . dYdX was established in 2017 and was announced in August 2021. As of December 27, it had a second market cap of $ 633 million and a total market cap of $ 9 billion.

success now

It's been popular since dYdX started, and since 2020 dYdX has recovered very quickly. In August 2020, Chainlink oracle was integrated into a permanent contract business, and in April 2021, the second phase of the new perpetual margin agreement was launched, with market volume exceeding $ 300 million, more than $ 1 billion and $ 3 billion. , constantly change your mind and win the favor of many VC firms. Since the creation of the dYdX management token, it has attracted visitors from all walks of life to the crypto space.

capital office

dYdX has passed 4 financial milestones.

(1) Received $ 2 million in seed funding in December 2017. Polychain Capital, 1confirmation, Kindred Ventures, Caffeinated Capital, Andreessen Horowitz, Abstract Ventures, 1confirmation and many other venture capital firms Invest.

(2) Received $ 10 million in Series A funding in October 2018, Bain Capital Ventures, Abstract Ventures, Craft Ventures, Andreessen Horowitz, Polychain Capital, Fred Ehrsam (ex-Coinbase Partner) and Brian Armstrong (CEO of Coinbase ). . participation of organizations and entrepreneurs;

(3) In January 2021, our Arrows Capital and deFiance Capital, new investors Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, RockTree Capital and existing investors a16z, received $ 10 million in Series B funding. led by Polychain. Capital, Kindred Ventures, 1confirmation, Elad Gil, Fred Ehrsam and others follow the investment.

(4) Received $ 65 million in Series C funding led by Paradigm, QCP Capital, CMS Holdings, CMT digital, Finlink Capital, Sixtant, Menai Financial Group, MGNR, Kronos Research and investment firm HashKey, from from June 2021., Electric Capital, Delphi Digital and StarkWare also joined the investment.

business model

In August 2021, dYdX announced the DYDX management token, which is primarily used for community management, promising block giveaways, commodities, and exchange rate changes.

The overall economic model is a model of inflation. In the first 5 years, the total turnover of DYDX was 1 billion. After 5 years, the related DYDX financial products will increase in value by up to 2% per year. The special rate of increase is determined by community approvals. The main distribution of 1 billion DYDX in the first five years is as follows: Community 50% (of which 25% is distributed to consumers via the dYdX Layer2 protocol, 7.5% is allocated to sites) provide business as standard, 5% are allocated to community funds, 2.5% are allocated to users under USDC contract for their investment portfolio, 2.5% are allocated to users engaged for hedge funds), first investors 27.73%, first members 15.27%, future members 7%.

Tokens for traders, first members and future members will be closed and released after 18 months of closure and within 48 months.

Any DYDX host can create a dYdX protocol agreement, vote on their administration, and submit it to another location on Ethereum. At the same time, insurers can win DYDX prizes from the USDC stake, and DYDX prizes will be distributed regularly based on each participant's share in the USDC total pool. Insurers have 14 days to provide proof of the goods before the goods are locked and the private property of the USDC is removed. If the incumbent does not request to cancel the contract, the USDC promised by the incumbent will continue until the next contract cycle.

DYDX Ranking

Source : https://dydx.foundation/blog/zh-CN/introducing-dydx-token

5-year DYDX distribution board

Source : https://dydx.foundation/blog/zh-CN/introducing-dydx-token

the program

dYdX is the first DEX for the design and release of future tracks. dYdX can adopt CEX-like working model to provide users with a market close to CEX. Currently, dYdX has total revenues of $ 1.01 billion, making DeFi a follow-up trading derivative.

expectations

Right now, dYdX is causing a stir, but as DEX Futures monitors its early days and rapid growth, more and more similar products and challenges are emerging, putting its position at risk. being challenged. At the same time, the performance in the middle of the dYdX also has similar operating costs, and other risks have not yet been disclosed.

Recipe

As it went live, dYdX gained the admiration and love of many entrepreneurs, and after the creation of Layer 2, it became the center of DeFi derivatives. The cost of managing a DYDX token continues to rise, indicating better market response and higher expectations for dYdX. If the problems and solutions can be solved continuously, the improvement of dYdX will increase further.

In essence, dYdX should continue.