author ： Porridge overnight
Beijing time. 9 month 8 On Tuesday night 23 spot , Highly anticipated decentralization by the marketagreement The airdrop rewards of early users and the first phase of mining rewards will be released （ Total about 8000 over DYDX, Of the total 8%）, For the participants , This will undoubtedly be an airdrop feast .
No wonder someone joked last night that ：
“ The weather forecast ： Tomorrow night 11 There will be a tornado at , There will be a lot of money , Please don't DYDX Airdrop partners block the circle of friends in advance 、 Social software such as microblog , Caution fomo.”
And yes dYdX Interested readers , You may want to know some important information about it , Such as platform data 、 Financing 、 Experience with 、token Initial circulation 、token purpose 、 The valuation 、 Future prospects and risks , Here we try to give the answers one by one .
Financing situation and unlocking information of investment institutions
from 2017 year 12 Month to date ,dYdX stay 4 A total of... Was obtained in the round of financing 8700 Thousands of dollars , The investors include A16z、Polychain、 Three arrows capital （3AC）、Paradigm、Delphi Digital And so on .
And these investment institutions ,5 About... Will be obtained in years 2.77 Million pieces DYDX（ The average cost is about 0.314 dollar / gold ）, According to the unlocking rules issued by the project party , Including investment institutions 、dYdX The team and its consultants , These interest groups will be in 18 Months later, the first batch of tokens will be unlocked （30%）, In the 19-24 Linear unlock the second batch of tokens in three months （40%）, In the 25-36 Linear unlock the third batch of tokens in three months （20%）, In the 37-48 Linear unlock the last batch of tokens in a month （10%）.
in other words , In the future 18 months ,DYDX The circulation of tokens will all come from the community part （ Including retrospective airdrop 、 Trade Mining 、 Liquidity provides incentives and Staking Reward ）.
DYDX Three uses of tokens
Many friends will ask , these DYDX What's the use of tokens ？ According to the official instructions , The user is getting DYDX After token , There are three ways to use ：
1、 For Governance , Propose or vote on changes to the agreement ;
2、 Enjoy a discount on transaction costs , As follows ：
3、 Conduct staking Get pledge rewards ：https://dydx.foundation/blog/en/safety-staking
（ notes ： total 2500 Ten thousand tokens will be used for staking incentive , Extraction needs to wait 14 God ）
As for whether the service charge of the platform will be included in the pledge reward , Need to see later dYdX Community governance .
dYdX Platform data ： The mining incentive scheme stimulates brush volume trading , One dayThe best 25 Billion dollars
Let's take a look at dYdX Data of the platform , according to rchen8 The statistical defi User data display , at present dydx The number of independent addresses is 60859 individual , a 1 Growth a month ago 162 An address , And since last year 10 Month to year 3 Of the month 5 months ,dydx The number of independent addresses has increased by about 43000 individual （ Average monthly growth 8600 An address ）, so , In the near future dYdX The user growth of the platform is slowing down .
What is the truth ？
Except for defi In addition to the overall downturn of the overall environment , This is actually related to DYDX The airdrop scheme of tokens was announced , explain ： Previously, many users used a lot of addresses to communicate with dYdX Protocol interaction , The purpose is to obtain potential airdrops , And with the announcement of the airdrop plan , These users lose the power to brush the address .
But according to Compound In circulation token According to the growth of user data after , I predict ,dYdX After the official release of its tokens , Its user data will also usher in a new growth period .
And another thing that deserves attention is dYdX Transaction data of the platform .
according to coingecko Statistics display of , In the past 24 Hours ,dydx The spot trading volume of the platform is about 4660 Thousands of dollars , Its derivatives trading volume reached 8.13 Billion dollars , In the same period ,DEX Leading projects Uniswap V3 Our trading volume is about 27.5 Billion dollars .
And in the 8 month 30 day ,dydx The derivatives trading volume of the platform once exceeded 25 Billion dollars .
As shown in the figure above ,dydx The surge in platform trading volume , In fact, it has a great relationship with the published trading mining rules , Before publishing the plan ,dydx The daily trading volume of the platform is about 3200 Around ten thousand dollars , And after the announcement of the incentive plan , The daily trading volume of its platform has increased 1-2 An order of magnitude , And the closer you get to each Epoch The end of the cycle , The crazier the growth of transaction data on the platform , This obvious amount of brush , It also attracted the attention of the project party .
8 month 31 Japan ,dYdXFoundation A tweet means , any dYdX Marked as “ Clean up the deal ”（Clear Wash Trading） Your account will be excluded from trading rewards , And after the implementation of this measure , Many use “ Hedging method ” The trading reward for large brush users has been cancelled , This eventually led to an increase of about... Per capita rewards for the rest of the traders 30% （ notes ： Final , The first phase DYDX The cost of getting money from mining transactions is about 2.5-3 U）.
At present, we can communicate with dYdX The higher one is AMM Derivatives agreements represent Perpetual Protocol, Its 7 The daily trading data is about 7.6 Billion dollars （ The daily average is about 1.1 Billion dollars ）.
according to tokenterminal Statistical data display , In the past 7 God ,Perpetual Protocol Our agreement revenue is about 49.6 Thousands of dollars , and dYdX Our agreement revenue is about 150 Thousands of dollars , The latter is about the same as the former 3 times .
Up to now , Regardless of the number of users 、 Number of active users 、 Trading volume 、 According to the agreement revenue and other data ,dYdX It's all defi Derivatives agreements NO.1, This may not change for a long time in the future .
As for the valuation issue that many people will be concerned about , Let's make a conservative prediction first ：dYdX The overall valuation of the project will exceed Perp, But considering that dYdX The initial circulation accounts for only... Of the total 8%（ In contrast ,perp The circulation of has now accounted for... Of the total 30%）, expect dYdX The market value of initial circulation will be slightly higher than perp, Or equivalent to the latter .
doubt ：dYdX Token circulation , Can it drive the wholeDerivatives track ?
Above, we have basically determined dYdX stay DeFi The dominant position of the derivatives track , Then the next question you may be concerned about is ：dYdX Token circulation , Can it drive the whole DeFi Derivatives track ？
Answer that question , We need to solve three problems first ？
- DeFi What are the recent data changes of derivatives track ？
- dYdX How is your user experience doing ？
- According to the available information , Speculate about future data changes .
The first question is , We have mentioned some of them above , In terms of transaction volume , Whether it's dYdX still perp, Their platform trading volume has shown an explosive growth trend in the near future （ notes ：dydx More than last month 441%,perp An increase of about... Over the previous month 31.88%）.
In terms of project valuation , Some derivatives agreements token Also experienced a wave of speculation in advance （ notes ：DDX The market value has increased in the past month 168%, And its DerivaDEX Our trading products have not been launched yet ）.
so , these DeFi Derivatives agreements have been more or less “ Big brother ”dydx Influence .
The second question is ,dydx How is your user experience doing ？
At an early stage ,dydx Because it is a contract deployed on the Ethereum main network , So its experience is very bad （ Especially the problem of high transaction cost and slow transaction ）, But as the dydx Migrate to StarkWare The second layer network of StarkEx after , These problems that perplex users have been effectively improved .
And in the extreme market last night ,dydx The platform is not down , This is indeed commendable , But according to individual user responses ,dydx There's still a Caton situation .
Third question ,dYdX And the future data changes of the whole derivatives track ？
hypothesis dYdX The performance of tokens after circulation is consistent with （ Even more than ） Our expectations above , So the incentive to trade mining （ The number of tokens per month remains the same ） Will attract more traders to participate dydx transaction , Finally, the overall data of this month , It may be higher than last month 2 More than times .
And the improvement in data , Will likely push up the market for dydx Expectation of token valuation , To form a “ Free wheel ”.
Final , Whole defi The derivatives track is expected to be in... In the short term dYdX A wave of growth driven by .
It should be noted that , Recently, the market has spread the news of the United States SEC Under investigation Uniswap Behind the development team Uniswap Labs The news of , Obviously , American regulators have noticed DeFi agreement , and dydx As a seed project of the derivatives track , Naturally, it will receive special attention from regulators .
and dYdX In order to deal with the relevant regulatory risks , One is to token The role of reward allocation is stripped off to the foundation , The second is to cancel the United States IP User rewards （ It has also been attacked by users ）, Third, it does not promise financial returns 、CEX And DEX Listing , And whether these measures can prevent it from being subjected to the hammer of regulation , We don't know yet .
Last warning ： Ethereum tonight gas The cost will probably soar to terrible figures , Please pay attention to your tolerance .
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