DEX霸主：dYdX如何脱颖而出，引领未来可期的DeFi

DeFi – Decentralized Finance, also known as Open Finance, is a financial system that utilizes distributed protocols to build open and decentralized financial systems, redefining the service model of financial derivatives using blockchain technology. DeFi disrupts traditional financial services by tokenizing assets and offering various financial innovations, including lending, asset trading, and collateralized loans. It also allows for the integration of digital currencies and stablecoins with fiat currencies, enabling multiple financial innovation models. Due to the lack of issues such as information accuracy and effectiveness, DeFi has gained popularity among market investors, with a focus on stablecoins, lending markets, and decentralized exchanges (DEXs).

According to DeBank data as of January 2021, the total locked value in DeFi reached $32.06 billion, with an actual locked value of $23.04 billion. Compared to January 2020, when the total locked value was $916 million and the actual locked value was $761 million, the total locked value has increased by about 35 times and the actual locked value has increased by about 30 times.

At the same time, from January 2020 to January 2021, the total locked value in the dYdX Solo protocol for spot and margin products reached $16.36 million, which increased to $126 million by January 2021.

In January 2020, the highest trading volume on DEXs exceeded $3.29 billion, indicating the market's frenzy and the rapid development of the industry. This is expected to lead to a competitive environment as DEX platforms experience a surge in users.

dYdX has accumulated a trading volume of over $3 billion, with an average daily trading volume of around $10 million. Since the launch of perpetual contract trading in 2020, it has accounted for about 45% of the total trading volume. The platform has generated over $2.4 million in trading fees, growing at a rate of 30% per month. In December 2020, dYdX experienced its largest trading volume week, with a trading volume of over $145 million. With the launch of Layer-2 in January 2021, dYdX's trading volume is expected to expand rapidly. Additionally, according to LoanScan data, dYdX has generated $17 billion in crypto loans.

Below are the characteristics of five DEX platforms currently available on the market: 1. dYdX: It is the world's first decentralized digital currency derivatives trading platform that uses a hybrid trading model, ensuring DEX security through a centralized order book. It offers margin trading, spot trading, and lending services. Using protocols and Ethereum as a foundation, it aims to establish more open, transparent, and secure financial products. It supports margin trading pairs such as ETH-DAI, ETH-USDC, and DAI-USDC, and perpetual contract trading pairs such as BTC/USD, ETH/USD, and Link/USD. It offers a maximum leverage ratio of 10x, with an initial margin requirement of 10% and a maintenance margin requirement of 7.5%. It also has an insurance fund for risk management. KYC registration is not required, and BTC exposure is eliminated.

Before the appearance of dYdX, many users had to go through a cumbersome process of collateralizing ETH with stablecoins in lending applications, then exchanging stablecoins for ETH on exchanges, and re-collateralizing with lending applications. With dYdX, users can easily increase leverage and complete the trading cycle in a simpler way. In addition to lending, dYdX also incorporates trading features to meet the demand for single-operation leverage addition.

Furthermore, dYdX has a strong technical background as support. Its founder, Antonio Juliano, graduated from Princeton University with a major in computer science. He has previously worked as a software engineer at Coinbase, Uber, and MongoDB. The team consists of core members from reputable overseas universities and companies, including Google, Bloomberg, Consensys, The Wharton School, the University of Pennsylvania, Sharespost, Nerdwallet, Techstars, and BlockTower Capital. By October 2018, dYdX had raised $12 million in seed funding, led by top-tier blockchain firms A16Z and Polychain Capital. The strong background of the core team, industry recognition, and efficient platform technology have helped dYdX stand out in a competitive environment.

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