Dydx governance token is released for the first time tonight. Is the carnival season of defi derivatives coming?

Fun coin 2021-09-14 13:54:57 阅读数:717

dydx governance token released time

author : Porridge overnight

Beijing time. 9 month 8 On Tuesday night 23 spot , Highly anticipated decentralization by the market Derivative agreement dYdX 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 Tokens, ( 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 day Trading volume The 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 whole DeFi Derivatives 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 ?

  1. DeFi What are the recent data changes of derivatives track ?
  2. dYdX How is your user experience doing ?
  3. 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 .

Regulatory concerns

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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