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In depth analysis of the product mechanism, development status and economic model of DFI derivatives leader dydx

2021-09-15 05:26:50 Everyone knows blockchain

dYdX It is the first decentralized futures exchange to establish and launch available products , Order book type DEX, Point to point trading between traders , A tripartite game between market makers and long short traders .dYdX Set up in Ethereum layer 2 network Starkware On , And adopted StarkEx The trading engine , It realizes the decentralization and self custody of assets .dYdX It can provide a trading experience close to the centralized exchange , And CEX Similar operation mode . At present, its trading volume is derivatives driven by trading mining DEX No.1 . Sum up , The project deserves attention .

Investment profile

futures DEX The track will be further developed , With further improvement of product experience and innovation of product situation , The total transaction data continues to enlarge , And it is expected to gradually undertake the trading volume originally existing in the centralized derivatives exchange in the next few years , and dYdX As the current track leader, there is no doubt that it will further develop in data . What we need to pay attention to , Whether other projects can obtain the same amount of transaction volume with a more decentralized product structure and operation mode .

dYdX Carrying futures DEX Even the expectation of explosive growth in the entire derivatives decentralized trading market . In its 8 In the first trading mining cycle in January ,「 dig 」 Our traders created 98 Billion dollars of trading volume .

From the perspective of transaction organization , It uses an order book , Market making by professional market makers ,LP Provide some market making funds .

dYdX Good product experience , Ethereum layer 2 network project is adopted Starkware Developed trading engine StarkEx, It realizes the self custody of decentralized assets ( Users transfer funds from wallets to smart contracts for hosting ), And realized low Gas And high transaction speed .

dYdX By introducing a number of liquidity providers as their partners C Investors in round financing 、 Design transaction mining and liquidity provider reward rules , Attract a lot of liquidity , And after the transaction was officially launched, it quickly created a large amount of transaction volume , Billions of dollars a week , The average daily trading volume is 3 Over US $100 million . And in the 2 Month test online line 、 The white list restriction is lifted to 8 Within half a year before the start of mining at the beginning of the month , Although its products and transactions after the beginning of mining dYdX Experience the same , But the daily trading volume is only at the level of tens of millions of dollars .

dYdX The underlying technology architecture is decentralized , The operation mode is relative to others DEX Closer to a centralized exchange . What can be expected is , If you want to be a long-term decentralized derivative DEX Faucet ,dYdX After a wave of rapid data growth , We need to move towards a more decentralized operation and product model —— Change the whole mode , Instead of just handing over the power of the corporate entity to the foundation . obviously , The realization of decentralization should not rely on the deep binding between the project party and the liquidity market maker .

At present, the management and team have the largest voting tokens ( Proportion of management in total 27.7% Tokens and team 15% Although the token is locked, it can vote ), Therefore, the team and management can basically determine the development direction of the project at the current stage .dYdX The project party is interested in 2022 The plan for the year is to continue to decentralize the project , Its specific plan can be closely watched .

dYdX The attribution of transaction costs is not yet clear , The information on the official website vaguely points out that this part belongs to the project party , Its token dYdX May not capture this value , But this problem may be solved through community proposals .

Sum up ,dYdX Worthy of attention , And will 9 month 8 Issue tokens on the day .

Basic overview

Project brief introduction

dYdX It's order book Futures DEX, It is also the current futures DEX Track taps , After publishing the three leveraged trading products on Ethereum main network , This year, 2 The perpetual contract product on the layer 2 network was launched in June ,8 At the beginning of , The product is officially launched .

essential information

Project details

The team

dYdX Since its establishment, it has received a lot of funds and support from famous capital , Because their team is largely Coinbase And other well-known enterprises . according to   LinkedIn shows  , at present dYdX The team has at least 23 people , among 8 Software engineer .

Antonio Juliano,dYdX founder ,2015 Graduated from Princeton University in , My major is computer , The degree is a Bachelor of Science , Internship before graduation in MongoDB, My first job after graduation is Coinbase Software Engineer of , After working for one year, I entered Uber Continue to work as a software engineer ,2017 Founded a company called Weipoint Search components in decentralized networks ,2017 year 8 found dYdX.

Brendan Chou, Software engineer and designer , The founder's classmate in Princeton ,2015 Graduated from Princeton in , Bachelor of Science , Professional computer , My first job was Bloomberg (Bloomberg) Software Engineer of , Later, I worked as an engineer at Google ,2018 Join at the beginning of the year dYdX so far .

Achal Srinivasan, Product designer ,2020 Graduated from Rice University in , My major is computer , I was in Coinbase Internship , After a few years of freelancing ( Design Engineer ),2020 To join in dYdX.

Vijay Chetty, Business development director , Graduated from Princeton University , Economics , from 2010-2015 In, he worked as an analyst and investment assistant in hanergy group and Blackstone investment ,2015 year -2018 In Ripple Engage in business development / Enterprise cooperation work ,2020 To join in dYdX.

dYdX The founder has experience in software development and blockchain industry , And the experience of establishing decentralized projects ;dYdX The development force of the project is strong , Can support its development as a technical project . Although I haven't seen enough information about team members in operation , But from past performance ,dYdX Good performance in operation .dYdX The team composition can support its project development .

Money

Public information   Show ,dYdX At least four rounds of financing .

surface 2-1 dYdX Financing

Four rounds of financing raised a total of 8700 Thousands of dollars , And the investment list includes Paradigm、Polychain Capital、Andreessen Horowitz(A16Z)、Three Arrows Capital And other well-known institutions in the industry , as well as dYdX One of the largest liquidity providers on the Wintermute wait . Each round is supported by well-known management in the industry , The management has a strong lineup , Sufficient funds for project development . According to its token distribution scheme, there are 27.73% Token of , namely 2.77 Billion tokens belong to the investor , The average valuation is about 3 Billion dollars , Management's dYdX The average cost is 0.31 dollar , Taking into account the valuation differences between the previous and subsequent rounds , The last round 6500 The cost of a $million investment may be higher than 0.31 dollar .dYdX The market attention received , Part of it comes from its strong management background , meanwhile , This is also part of its current leading position on the track .

in addition ,dYdX Not only is part of the team from Coinbase,Coinbase It is also right on the two key nodes of seed round investment and liquidity injection of loan products dYdX Important support , The relationship between the two is deep .

Code

chart 2-1 dYdX since 2017 year 5 Month to 2021 year 8 Number of code submissions at the end of the month

Submit code   The peak period is 2018 Mid year 、2019 In the middle of the year 2021 Beginning of the year , The launch time of the two rounds of new products is 2019 year 7 Month and 2021 year 2 month , The code submission is basically consistent with the launch of the new product . Be careful , stay 8 At the beginning of this month, the project Party announced that the product was officially launched 、 The point in time when the transaction mining starts , In terms of code and experience , No actual replacement of new products , But continue to use 2 Original products in January .

chart 2-2 dYdX since 2017 year 5 Month to 2021 year 8 Number of code contributors at the end of the month

Github Number of code contributors presented , Consistent with the change trend of the number of submitted codes .

product

dYdX There are currently five products : Perpetual contract 、 Margin trading 、 Leveraged trading 、 Spot trading and lending .

among ,V2 This version of the perpetual contract is a new product built on a two-tier network , Margin trading 、 Leveraged trading 、 Spot trading and lending are the three products described in the white paper , Set up in Layer1 That is, Ethereum main network .

V2 edition : Perpetual contract trading

chart 2-3 dYdX Test online ETH Perpetual contract transaction interface

Pictured 2-3 Shown ,dYdX The perpetual contract interface has most of the functions of the centralized contract interface , The details of its perpetual contract products are as follows :

  • Leverage ratio :dYdX Perpetual contract products provide the highest 25 Double long short two-party trading function , The minimum leverage ratio change is 0.01.
  • Order book /AMM: From the perspective of transaction settlement form ,dYdX A perpetual contract is in the form of an order book , Liquidity provided by market makers ( notes :dYdX The same is true for other products , I won't repeat ). From the product interface , It has a market interface similar to the centralized Futures Exchange , Can display red and green price candle chart , However, the minimum time unit displayed is hour , That is, it is not yet possible to provide 15 minute /1 Minute and time-sharing trading quotes .
  • Fixed price / Stop loss :dYdX Perpetual contract has the functions of limit order and stop loss order , Can carry out limit trading and stop loss and stop profit trading .

chart 2-4 Left : Limit order function of perpetual contract transaction , Right : Stop loss function of perpetual contract trading

  • Hold positions : The position number can be displayed on the product interface 、 Leverage 、 Realized profit and loss 、 Unrealized profit or loss 、 Qiang Ping price and other data .
  • margin :BTC and ETH The deal is right , The maximum leverage ratio is 25 times , Therefore, the initial margin requirement is 4%, The maintenance margin requirement is 3%. Other transactions have different margin requirements according to their maximum leverage ratio .
  • The price is strong / Clearing price : The marked price for clearing is determined by Chainlink The index price fed by the two-tier price .
  • deposit / Withdraw money : chart 2-3 The upper left corner shows the account balance (Account), And have a deposit (Deposit) And withdrawals (Withdraw) Two buttons , Because the product is set up in the second layer network StarkWare On , So in dYdX Perpetual contract product transactions , After you need to deposit funds , Trade within the balance range , After closing the position, the funds return to dYdX In account , You need to withdraw money to return to the trader's Ethereum wallet .
  • mobile phone dapp edition :dYdX Mobile phone has been realized dapp edition , Be able to use mobile wallet for login and transaction , The interface basically has the function of computer web page .
  • Capital rate (1 Hourly rate ): Like other perpetual contracts ,dYdX Perpetual contract products have capital cost design , Every time 8 Every hour , However, the capital rate is expressed as 1 Hourly rate , Every time 8 Every hour 1 Hourly rate ( Will not 1 The hourly rate is multiplied by 8), The specific calculation method of capital rate is :

Capital cost (Premium)=(Max (0, Bid impact Impact Bit Price- Index price )-Max (0, Index price - Selling price shock Impact Ask Price))/ Index price

  • transaction cost :dYdX On Maker ( The list holder ) and Taker ( Single eaters ) The cost is different , The rate decreases with the increase of transaction volume ,Maker The rate is from 0.05% To 0, The trading volume reaches 10,000,000 The rate after USD is 0;Taker The rate is from 0.2% To 0.05%, The trading volume reaches 200,000,000 After US dollars is 0.05%.
  • Gas cost : Because in the layer 2 network Starkware Up operation , The transaction does not require payment Gas cost , But on deposit / The withdrawal process requires payment of Gas.
  • Settlement speed : Measured very smooth , This is due to the performance advantages of layer-2 network , Also because the user's funds have been hosted to StarkEx On .

Margin trading

Margin trading , namely V1 Version of futures products , Set up on Ethereum main network , The maximum lever is 10 times , You can trade in both long and short directions , That is, there is a maximum 10X DUOHE 10X It is empty and has the functions of limit order and stop loss order .

chart 2-7 dYdX Margin trading interface

Be careful , All steps are in a transaction set (Bundle) What happened in , In other words, either the above processes succeed together , Or fail together . Therefore, there will be no case where the margin is locked or transferred but fails to open the position .

Spot trading

chart 2-8 Spot trading market interface

dYdX Spot trading on can realize market price and limit price trading , It can also realize the stop loss function . The maximum sliding point is 0.5%, Beyond this sliding point, no deal can be made . It is the same as the margin trading interface , It can display similar to a centralized exchange K Wire and coil condition .

To loan

chart 2-9 Lending market interface

The loan is dYdX The first product to be implemented / function ,2019 Launched in 2013 , So that for a long time, the outside world even incorporated it into 「 To loan 」 Track events .

Product details are as follows :

dYdX Lending uses the lending pool model , namely 「 Point to pool 」 Pattern , Both lenders and borrowers interact with the lending pool . Each asset has a lending pool , All managed by smart contracts . When the user dYdX When depositing assets on , Assets will be deposited into their corresponding lending pools , Borrowers can borrow the same assets from the loan pool . dYdX Borrowers and lenders on the can access assets at any time .

dYdX The highest leverage ratio of borrowing is 125%, That is, lend 200 Dollar assets should remain at least 250 Dollar collateral .

technology

Perpetual contract

Because the Ethereum main network cannot meet the requirements of high performance 、 low Gas Cost requirements , The decentralized futures products on Ethereum are basically online, that is, the standard layer-2 network , Currently on the second floor dYdX The choice is StarkWare.

Starkware It is one of several layer 2 network projects with strong competitiveness , The differences of each two-layer network scheme can be roughly divided into different transaction and data storage methods and state transition synchronization methods . There are two ways of transaction and data storage , To put it simply 「 Does the transaction data need to be linked 」,Starkware In fact, there are both (StarkNet and StarkEx Belong to these two ),dYdX Used StarkEx The product adopts the scheme that the data is not linked ; State transition synchronization can be divided into fraud proof and validity proof , The proof of fraud is 「 An incentive mechanism motivates a group of people to verify 」, Proof of validity , That is, verify it in a technical way , At present, the common scheme of various projects is to use zero knowledge proof .Starkware Proof of effectiveness is used —— such 「 Data is not linked + Proof of validity 」 Our solution is called Validium ( differ 「 Data link 」 Type Rollup programme , For example, another well-known project Arbitrum).

Validium It can enable users to independently manage funds , That is, funds are held in trust , But not hosted to a centralized institution , But managed to decentralized StarkEx in , It's called decentralized self hosting . The hosting process is as follows : The user transfers money out of the wallet to StarkEx, It's actually going to a smart contract (Stark Contract) On , stay StarkEx After the contract receives funds , It can be on the second floor ( Under the chain ) Use . stay dYdX Trading on the chain is the use of funds off the chain , Users no longer need to sign , This makes dYdX Improved trading experience .

If the user wants to transfer funds out of the contract , Every transfer requires authorization , Send a request down the chain , Then the request is sent to the chain .

Because each transfer needs to be signed by the user , Therefore, user funds are relatively safe .

dYdX Not just on the layer 2 network , But use Starkware Developed by the project party StarkEx As V2 Trading engine for perpetual Contract Products .

StarkEx: An extensibility engine , It consists of several components .

Components : Include StarkEx Service (Stark Trading Services )、SHARP、Stark Verifier (Stark Validator ) and Stark Contract (Stark contract ) etc. .

Be careful , There's only Stark Contract It's a chain component , Others are under the chain .

chart 2-6 StarkEx Component and flow diagram

principle : First ,dApp Define your own business logic ( such as dYdX The logic of a perpetual contract ), And in StarkEx Service Up operation . After the user sends an interactive instruction ,StarkEx Service Package the user's transactions , And send this packet to SHARP Components ;SHARP Responsible for generating a proof , Then send the proof to Stark Verifier To verify ; If Stark The verifier verifies that it is valid , By Stark The verifier is up the chain ( Ethereum main network ) Send status update transaction to Stark On the contract .

Oracle performance : because dYdX In calculating the capital rate 、 The index price is required to calculate the strong average price , So it needs the oracle to feed the price .StarkWare The price on the is determined by the Oracle Chainlink Feed the price on the second floor , Use with STARK Compatible signatures for verification , Allow prices to be used immediately after signing , Instead of waiting for the first floor to trade out . This significantly reduces the delay of Oracle price update , From a few minutes on the first layer of Ethereum chain, one-time quotation is shortened to StarkEx A fraction of a second .

Through the above components ,dYdX V2 It realizes decentralized order book type perpetual contract 、 Decentralized asset custody 、 The transaction is smooth 、 Advantages of not having to sign multiple times in the transaction .

Price limit list ( Realization way ): The price limit sheet is signed and authorized by the user dYdX stay Stark Service Make a match on , So this process is down the chain , By the same StarkEx Engine to determine its security .

Margin trading 、 Spot trading 、 To loan

These three products essentially adopt the following 「 Spot leveraged trading 」 Logic , stay dYdX These products on the home page are also classified as 「 Leveraged trading 」 In category .

Leverage trading logic : A trader borrows an asset , Then trade ( buy / sell ) Into another asset , Start to calculate interest at the same time , This is opening . When you close your position, you sell your position , And return the borrowed assets together with the interest to the lender ( creditors ). Short selling ( Leverage short ) And leverage long are all the above processes .

dYdX Because it's an order book transaction , Therefore, there is no need to obtain external OTC prices or index prices , As long as there is a corresponding order, we can close the deal , You don't need a Oracle to quote .

dYdX Margin trading is realized by three contracts , Namely : Margin contract , Agency contract and vault contract .

  • Agency contract (Proxy): Used to transfer user funds .
  • Margin contract (Margin contract): Provide the function of margin trading .
  • Vault contract (Vault): Put the money / The token is locked in the bin .

The above three contracts cooperate with each other , Realized by 「 borrow / The return + Buying and selling spot 」 To form a margin transaction .

In the process , The participating role consists of 3 individual :

  • Trader : Use dYdX Margin traders ;
  • Credit : A person who lends tokens to traders ;
  • Buyer : Traders borrow money and then buy and sell , The counterparty to the transaction .

The opening transaction process is as follows :

Three protocols help traders give orders , Borrow the required currency from the lender , Then to the exchange ( such as 0x) Make a deal , Get the currency the trader wants , For instance from A Borrow from ETH sell , Then get the corresponding USDC—— Then the agency agreement will transfer the deposit and the sold currency into the vault and lock it up , Become a position .

The closing process is roughly similar , That is, the trader gives instructions —— Agency agreements help sell positions in exchange for tokens that need to be returned —— Return the token together with interest to the credit address .

Spot trading and lending trading products also use some of the technologies in the above three contracts .

dYdX Margin trading is actually spot leveraged trading , It's also a 「 futures 」 The realization form of the contract , actually , In the previous round of decentralized derivatives exploration ,「 margin + Borrow money / Borrow money 」 It is a form of futures contract with high hopes , But the final data volume has been too small to break out , as a result of , This model requires enough LP Willing to lend large amounts of money or funds to traders , This requires very high liquidity , Guiding liquidity is very difficult . And now 「 Perpetual contract 」 It's actually a kind of Swap, The counterparty plays the role of counterparty in order to earn capital fee 、 Holding counterparty positions ( The capital rate is much higher than the lending rate ), This greatly reduces the demand for liquidity, especially for specific currencies , The difficulty of guiding liquidity is greatly reduced .

summary :dYdX At present, the most important V2 edition , That is, the perpetual contract on the second floor , Good experience , It reflects its self V1 Technical capabilities since version , As well as AMM Contract products have completely different modes of operation and fund organization . Its order book decentralized point-to-point transaction matching method , The product clearly hopes to realize centralized exchange 「 Silky 」 My trading experience , To compete for professional traders —— They can contribute large transaction volume and fee income .dYdX It is indeed a futures with better product experience at present DEX.

Development

history

surface 3-1 dYdX Big event

present situation

Trade Mining ( Trading rewards )

from 8 month 3 The date of ,dYdX Enter the first round of trading mining , to 8 month 31 End of the day . Because the reward is based on the transaction fee + Position allocation , This has triggered a large number of liquidity providers and individual investors to participate in transaction mining . first Epoch After the end , The data disclosed by the project party shows that ,

Liquidity provider mining ( Market maker rewards )

dYdX While introducing a large number of professional market makers and trading mining, we also conducted mining by liquidity providers , Time and period (Epoch) The setting is the same as that of transaction mining , Every Epoch The reward for 115 over .

dYdX At the same time 「 Liquidity provides for mining 」 and 「 Liquidity pledge mining 」,「 Liquidity provides for mining 」(Liquid Provider Reward) It refers to the reward to market makers , The reward threshold is that a single market maker needs to reach... Of the trading volume of all market makers 5% above , Reward criteria include uptime 、 Depth on both sides 、 Bid ask spread and the number of pairs of transactions supported, etc . first Epoch altogether 5 Famous market makers reach the threshold , Assign... According to a formula 115 over DYDX.

Liquidity pledge mining

chart 3-1 The nature of the flow , The pledge has been stable in the last two weeks 1.2 Around $100 million

The total allocated tokens for this part are 2500 over , Provide about one third of the mining for liquidity , Every Epoch by 38 over .

The rule is ,LP (Liquid Provider, Liquidity providers ) take USDC Pledge to dYdX The liquidity pool of , obtain DYDX token economy ; This part is pledged USDC A professional market maker recognized by the project party (Maker) Lending use , Used in dYdX Make a market on , It is a supplement to liquidity outside the market maker .

If market makers are using this part USDC When making market, there is a capital loss , Unable to repay the loan ( At this time, market makers can't lend more USDC), Liquidity pool ( That is all LP Money ) Need to share the loss .

at present , The pledged funds are 1.24 Billion dollars , Press 28 One day Epoch、 Every year, 13 individual Epoch Calculation , The annual liquidity mining reward is about 494 ten thousand DYDX, If according to the current Epoch The mining cost is about 2.26 Knife calculation , The annualized rate of return that can be obtained (APY) about 9%, If according to DYDX Price 5 Knife calculation ,APY about 20%, Far lower than the others Defi common 100% Even higher annualization . It is possible to provide liquidity support to stakeholders .

dYdX There is also 「 insurance fund 」 The pledge of the pool , But it has not yet launched .

V2 Operational data

According to the data disclosed by the project party , first Epoch, namely 8 month 3 solstice 8 month 31 Japan , common 28 God , total   The trading volume is 98 Billion dollars . The average daily trading volume is 3.5 Billion dollars , Peak at 8 month 30 Japan .

end 9 month 6 Japan , According to the Coingecko Show ,dYdX Of perpetual ( Perpetual contract ) 24 The hourly volume is 2.55 Billion dollars , The contract position is 3 Billion dollars . according to dYdX The official data Kanban shows , The total trading volume is 8 month 3 It will rise rapidly in the future , from 8 month 2 Japanese 34.9 Billion dollars , It rose to... In more than three weeks 8 month 30 Japanese 157 Billion dollars . And in the first Epoch Before the end of the , Showing a rising trend of daily trading volume , And then in 9 month 1 It fell back to 3 Billion dollars a day .

chart 3-2 Coingecko According to the 9 month 6 Japan dYdX Of 24 Hourly trading and position data

This phenomenon is closely related to the trading mining rules : Because each Epoch The rewards distributed are 380 over DYDX Tokens, , And in every Epoch Two or three days near the end , The Epoch The average transaction mining cost is relatively certain ( Like the first one Epoch The final cost is about 2.26 The knife ), Therefore, if the market expected cost is less than the market price ( Like the first one Epoch, Reflects the market's bet on DYDX The secondary market price will be higher than 2.26 The knife ), Like a round DYDX If the token price is 4 The transaction mining cost is about 3 Knife time , Traders are easy to 「 Brush quantity 」 The way to get DYDX token economy , This behavior will make dYdX The volume of transactions on the market is easy to show in each Epoch Greatly reduced in the early stage ( Relative to the previous Epoch late ), And approaching Epoch At the end of the period, the trading volume increased rapidly , Final trading volume and individual Epoch Total trading volume and DYDX Market price related situations —— At the end of the term DYDX The total mining cost is DYDX The market price is close to ( But the price change caused by selling pressure may be included in the long-term game , That is, if the secondary market price is 10 dollar , The mining cost is only close to 7 US dollars or 8 dollar ).

8 month -9 The trading volume at the beginning of the month shows this Law :

chart 3-1 dYdX Official   Total trading volume chart , end 9 month 6 Japan , among 9 month 5 The daily trading volume is 2.45 Billion dollars

from 8 month 3 Within five weeks of the day , The weekly trading volume is 11 Billion dollars 、15 Billion dollars 、21 Billion dollars 、37 $and 70 Billion dollars .

chart 3-2 dYdX Official weekly trading volume chart

from 8 month 3 The next four weeks , The number of wallets actually deposited in the wallet ( Number of Quality Wallet interactions ) from 2.6 Ten thousand to 3.6 ten thousand , In especial 8 There are... In the first week of the month 7000 Interact with multiple wallets , These numbers are clearly affected by trading mining and retrospective airdrops .

8 month 3 In the future, the task completion period of mining for transaction and retroactive airdrop ( Tracing the airdrop winner needs to be at least 8.3 to 8.31 Between dYdX Trade hundreds of dollars last week, and after completing the task , Before you can get the reward ), In the second week, the number of new deposit wallets decreased significantly , It can be seen that a considerable part of the air drop address has completed the task , Continue to deposit later ( transaction ) Your address is the real trader and the trading miner .

chart 3-3 dYdX Official chart of weekly deposit wallets and cumulative deposit wallets

Pictured 3-4, from 8 month 3 The day begins ,dYdX Your weekly income exceeds 100 Thousands of dollars , The four sides are 120 ten thousand 、180 and 170 Ten thousand dollars sum 290 Thousands of dollars , And the first one Epoch The last week 510 Thousands of dollars .( This part cannot be by dYdX Capture , return dYdX Behind the company )

chart 3-4 It also shows dYdX The main income structure , Most come from brown blocks 、 Green blocks and blue blocks added in the last week , Namely ETH、BTC And new COMP The contract transaction for , This explanation dYdX Indeed, it mainly relies on head trading varieties to obtain income .

chart 3-4 dYdX Official weekly revenue chart

future

Trade Mining

dYdX A total of 60 individual Epochs Mining activities , Will continue 5 year .

8 The first at the end of the month Epoch After the end , There will be 59 The next cycle will continue , This activity will continue to give dYdX Provide transaction volume and fee income , The subsequent support for transaction volume and handling fee will depend on the currency price 、 The natural growth of the market and decentralized derivatives market, especially the perpetual contract market .

The latest data is :8 month 30 Day one Epoch After the end , The data show that the trading volume in the fourth week is 100 Billion dollars , The average daily turnover is 7 Billion dollars , According to different data website sources ,8 month 29-30 Japan dYdX The trading volume may exceed 10 Billion dollars or even 20 Billion dollars . But the last day's data doesn't make much sense , Only the first round can be displayed 「 Trade Mining 」 The activity is hot ( fever ).

Its first Epoch The total transaction cost is 860 Around ten thousand dollars ( The actual total transaction amount is 1160 Thousands of dollars , The team will 80 An address is determined as a cleaning transaction , That is, the amount of brush , After excluding this part of trading volume, it is 860 Thousands of dollars ), To be issued DYDX The number of reward tokens is 380 over ,DYDX Token acquisition cost is 2.26 dollar .

end 8 month 31 Japan , front 10 The percentage of traders' trading scores in the total number of transactions is 24.6%, The first place is up to 9.88%, front 5 Traders account for more than 1%.

chart 3-5 The official website shows the ranking of traders , Including address and proportion

summary : 「 Trade Mining 」 By the former domestic exchange Fcoin stay 2018 It was first launched and popular in ( Even if it's not the first launch ,Fcoin It is also the first project to make trading mining popular and involve a lot of money )

This form itself has proved to be a good guide to liquidity .

With Fcoin For example , That year Fcoin After the launch of mining transaction , In a very short time, the exchange has become the largest trading exchange in the world , More than at that time Coinbase And domestic 「 Three big 」.

But because of Fcoin There is no capping of mining rewards for each short cycle ( Just a hardtop with a total mining reward ), Instead, it took 「 The transaction fee shall be returned in platform currency in a fixed proportion 」 Rule setting for , As a result, the larger the transaction volume, the more platform currencies will be returned , The selling pressure of platform currency is great 、 The model is unsustainable and collapses ,Fcoin It itself failed .

dYdX There are several differences in the setting of transaction mining rules :1) dYdX Itself is the leader of the track , Gathered the expectations of the whole track and the capital voting of multiple head management parties , The project itself has strong expectations ;2) Its financing amount reaches 8700 Million dollars and the average token cost (DYDX Acquisition costs ) by 0.3 Dollars or so , And you need to go online on the token 18 Linear release after months , A large number of users go to brush volume transactions to obtain DYDX Tokens, , this 「 Brush quantity 」 Mining costs are only 2.26 dollar ( Based on the total cost ), The acquisition cost is not high , And in 9 month 8 You can collect and trade on the day , It's a kind of similar to 「IXO」 Of 「 Initial token issue 」 Activities —— This is a dYdX The essence of this round of transaction mining , stay DYDX Before the official launch, obtain the first issued token by means of entry transaction and payment of handling fee . And the average price paid by the market 2.26 The price of dollars is similar to an auction price , It shows that under the condition of taking certain risks 「 investors 」 We are interested in DYDX Price expectations —— With the token online dYdX From the illiquid primary market to the highly liquid secondary market , Trade Mining 「 investors 」 We expect them to receive a liquidity premium .3) Because the real investment institutions and the tokens of the team and consultants will be locked 18 Months , The amount of tokens released in the initial stage is mainly the community part that does not lock the warehouse , In fact, that is 「 Airdrop + Trade Mining 」( See 「4 Economic model 」 Content ) Part of , Therefore, the selling pressure is not large ( The first issue is at most 7500 Ten thousand airdrops +380 Ten thousand pieces of mining +100 Million liquidity provider Awards , about 8000 over , As disclosed by the project party ,9 month 8 Day only 8.11% Token flow , yes 8110 over ), according to 3 The current market value in US dollars is only 2.4 Billion dollars , according to 10 The dollar is calculated as 8.1 Billion dollars .

Also because the first transaction mining has a strong nature of first token issuance , Its 24 Hourly trading volume 20 Billion dollars and 14 Daily trading volume 100 Data such as USD 100 million can only reflect the strong confidence of the primary market in it and its strong ability to guide liquidity , But it doesn't represent its real huge trading volume .

But then 59 Mining transactions in the period 、 Continuous liquidity reward and token unlocking and market changes , It will always make the transaction volume and transaction mining by 「 Brush measure 」 and Maker The support shift is supported by real traders . In this process, the real attraction to individual traders and institutional traders will be gradually reflected .

For exchanges with poor fundamentals , Trading mining is a game similar to capital disk , For products 、 the management 、 Liquidity and institutional support are good dYdX Come on , It's an investment + Strong publicity + Strong attraction to liquidity activities , It is also a strong subsidy to the market in the period of market growth .

This rule itself deserves affirmation , But its future data development needs to be closely watched because of the crazy mining of this round of transaction .

in addition , In current operations DEX in , Projects that have been traded for mining also include dFuture、ZKSwap Projects such as , However, there was no change in average daily trading volume from 3 Billion dollars soared to 20 The $100 million phenomenon .

9 At the beginning of ,dYdX Project side 2022 The plan in is to realize the decentralization of the project , But no specific plan has been announced .

Economic model

supply

DYDX yes dYdX The token of the project , It has not been launched yet ,9 month 8 It can be collected and circulated from the day of .

dYdX In Beijing 2021 year 8 month 3 On the evening of the th, it announced the launch of governance tokens DYDX, Although the team has previously claimed that there is no coin issuance plan .

DYDX A total of 10 Million pieces ,DYDX Will be in 5 Allocated during the year ,5 After the year, the annual maximum will be opened through the governance mechanism 2% Of inflation , Inflation must be implemented through governance proposals . from 2026 year 7 month 14 The day begins , Community governance can determine DYDX Casting the ceiling and the highest annual inflation rate .

The team represents in the document , Although the token allocation rules are certain , but DYDX The holder can use the community governance mechanism ( The proposal - vote ) Modify rules .

DYDX The distribution ratio is as follows :

surface 4-1 DYDX Distribution ratio

DYDX Yes, it will be distributed to investors 、 Existing team and future employees 、 The consultant's token is locked , And will unlock... According to the schedule , See table for details 1-2. But in the lock-in period , The above-mentioned holder can enter the proposal with the locked token 、 A proxy vote or vote .

DYDX For investors and teams 、 The consultant's unlocking schedule is as follows :

surface 4-2 dYdX Investors and teams unlock the timetable

DYDX The token will start from Epoch 0 After the end , On 2021 year 9 month 8 Circulation began on the th , Its 5 The supply of tokens during the year is shown in the figure 1-3.

DYDX 5 Schematic diagram of annual circulation : Issue No 18 Months (2023 year 3 month ) After that, it will experience a large-scale unlocking , Then enter the smooth unlocking until the release 5 After year .

chart 4-1 DYDX 5 Schematic diagram of annual circulation

The non reward part of the community is not locked , But according to 9 month 8 Daily circulation only 8.11% According to the data and the use rules displayed on the official website , Community vault 5,000 Ten thousand pieces will not enter circulation immediately .

According to the project party 9 Disclosed at the beginning of the month , Trace the total number of airdrops 7,500 over , Actually only 5,500 Ten thousand pieces are eligible to receive (2 10000 addresses ), in addition 2,000 Ten thousand pieces are not eligible ( Not claimed ), This part will be included in the community Treasury .

therefore ,9 month 8 Japanese DYDX The actual maximum circulation is 5.57%, namely 5,570 over .

demand

DYDX After the launch, the main demand within the project comes from transaction cost discount and community governance voting .

Transaction fee discount

DYDX The holder can get a fee discount , The specific rules are shown in the figure :

chart 4-2 Expense discount rules , hold 100 Pieces of the above DYDX Traders can get 3%-50% Discount on expenses

Transaction fee income

at present , The agreement income belongs to dYdX Owned by the project company ,DYDX The holder cannot get this part of the income , This part of the rules can be modified through community governance in the future .

Community governance voting

According to the governance rules published by the project party , Trade Mining 、 Mobile mining Epoch The number of rounds can be modified by the community within a certain range , Other token allocation rules can also be modified . A vote is required to pass the proposal , And voting requires holding money . meanwhile , Lock the warehouse DYDX Although it can't circulate , But it can be used to vote , That is, both team and management coins can now be used to vote , You can easily modify the rules .

competition

industry

summary

dYdX Belong to Defi- The futures exchange in the derivatives track ( futures DEX), And it belongs to order book Futures DEX. at present , Order book items in decentralized futures exchanges include dYdX、DerivaDEX ( Not online )、Injective Protocol ( Not online )、Vega Protocol( Not online ) etc. .AMM Futures DEX Include  Perpetual Protocol、McDEX (8 month 31 Japan just went online )、dFuture wait .

Due to the long online time 、 There are only projects with strong comparative value in terms of product mechanism and operation data Perpetual Protocol, Therefore, this paper will focus on comparing dYdX and Perp.

present situation

at present , Cryptocurrency futures have surpassed spot trading , Become a huge market . According to the Tokeninsight Statistics ,2020 year 43 The trading volume of futures exchanges was reported as $12.31 Trillions of dollars ( Average daily 340 Billion ), a 2019 rose 402%, The whole market contract position at the end of the year is 170.3 Billion dollars , Growth throughout the year 485%.

chart 5-1 2019Q4-2020Q4 Whole market futures trading volume , source :TokenInsight

However, the main trading volume of cryptocurrency futures is still in the centralized futures exchange , There are mainly coin security 、FTX、Bybit as well as BitMex、OKEx wait , The latter two were once the main battlefields of futures trading , But with the outbreak of regulatory problems , And the first two in 2020 The huge growth achieved in , Things have changed , However, these and other centralized exchanges still account for 90% Above scale .

But one trend is very clear : In the next few years , Traders will continue to move from centralized exchanges with centralized risk to decentralized exchanges , The driving force is the continuous improvement of decentralized exchange's product experience to be improved and the wealth effect of various targets ( Skyrocketing ) drive , perhaps Defi The combination of protocols uses drivers ( For example, you have to put money in your wallet Staking Or wait for airdrop ), And the event driven of centralized exchanges ( Security 、 Supervision, etc ).

meanwhile ,「 Perpetual contract 」 This variety is provided by the cryptocurrency exchange Bitmex First in the cryptocurrency market , Although this form exists in a small amount in the traditional financial world , But not the mainstream trading variety , And in the cryptocurrency market , Perpetual contract is a major mainstream transaction variety .

at present , Decentralized futures exchange , There have been several seed players , But it has not developed on a large scale ( Large scale development means that the daily trading volume of the whole track continues to break through 10 Billion dollars and continue to grow at a rapid rate ), At present, the project with the largest trading volume is dYdX,8 The daily trading volume in the last two weeks of the month is 7 Around $100 million , But it is currently in the process of trading mining ( See above 「 Trade Mining 」 Part content ), We need to wait for the crazy period of high profits in mining transactions until the amount of data is stable .

But obviously ,dYdX The popularity of trading and mining has played a role in guiding liquidity and attracting the attention of the industry , It can also enhance the trust of real professional traders in the security of decentralized derivatives exchanges .

The development of decentralized futures exchanges , Available for reference DEX Development process , such as  Uniswap、Sushiswap、Bancor Wait for the exchange .

Mainstream spot DEX Both experienced a long time in the product polishing period and on-line period ( Months to a year or two ), Then the trading volume soared , After less than a year of large-scale development of trading volume , At present, it accounts for a fraction of the trading volume of the centralized exchange , At the peak of this year ,Uniswap The daily trading volume of has exceeded Top3 A centralized exchange .

chart 5-2 DEX Trading volume chart , It shows 2019 year 1 Changes in trading volume from January to date , Obviously from 2020 year 5 Months later, it began to grow explosively

thus it can be seen , The decentralized contract exchange still has great development potential , It is possible to develop from the current daily trading volume of the whole track at the level of hundreds of millions of dollars to the level of tens of billions of dollars a day ( That is, every year 3.6 Trillion dollars of trading volume ), Reach a certain proportion of the trading volume close to the central Futures Exchange ( such as 10%-20%).

Competitive product overview

Perpetual Protocol

Perpetual Protocol yes AMM Type Futures DEX, Provide perpetual Contract Products , It's in AMM The form continues to develop vAMM Pricing method , stay V1 In the version ,Perp Separate pricing from settlement , And removed the market maker ( namely AMM Liquidity providers in 、 LP) role , It realizes the simple market structure of only two-way game between long and short sides , end 8 month 25 Japan ,7 The average daily trading volume during the day is 1.1 Billion dollars , In terms of data volume , Currently in second place on the track .

stay 6 At the end of the month V2 In the version ,Perp Will work with Uniswap V3 coupling ,Perp V2 Will be erected directly on Uniswap V3 On , introduce Maker ( Market maker ) role , Use Uniswap V3 Market making by aggregating liquidity , collocation 「 The default market making strategy 」 Lower the average LP Market making threshold . also ,V2 Will implement 「 Create a market without a license 」 Mechanism , namely Uniswap The classic free currency mechanism . meanwhile ,Perp Will be V2 The version is set up on the second layer network Arbitrum On .

Comparison items

Core business logic

dYdX: use Starkware Of StarkEx Engine matching 、 The way of settlement on the chain , Realize asset self custody , The transaction organization mode is point-to-point matching , It is mainly made by professional market makers to provide liquidity , use StarkEx The way of transaction engine can realize decentralized asset self custody ( That is, you can go to the layer 2 network StarkWare Make a deposit on / Coin charging ). According to the StarkWare and dYdX The official introduction , Its self hosting security is good . This business logic is close to the centralized exchange , It is a decentralized version similar to centralized point-to-point transaction in a technical way .

There is one point that needs to be mentioned in particular ,dYdX The entity behind it is a company , Its business model is similar to that of Qian'an : They make a profit by charging transaction fees , That is, the transaction cost paid by the trader in the transaction ( Excluding the capital cost of the perpetual contract ) May be owned by a corporate entity , It may not be distributed in the community .( Usually the agreement only gets part of the fee , Part of the fee will be allocated to the holder & Community ).

Perp:V2 Version passed with Uniswap V3 Coupled vAMM Make a deal , from LP Provide liquidity , Carry out similar Uniswap V3 Aggregate liquidity market making , And because the default market making strategy will be introduced ( Access to other protocols ), It is expected that most LP Will remain passive market making , A few large LP Will be for large market makers , Its type still belongs to 「 Active market making AMM」 futures DEX.8 End of month ,Perp Announce that it will be in the community with DAO Way to organize free market creation ( Simply put, the deal is right 「 gold and jade as currency 」). Because of the adoption of Uniswap As the foundation for erection , therefore Perp V2 stay Arbitrum On .

From the perspective of user capital security , Mainly the user's funds 「 trusteeship 」 Whether there is guarantee after , This mainly refers to the security of the layer-2 network scheme ,dYdX It uses StarkEx,Perp V1 It uses xDai,V2 Using Arbitrum, The schemes of the three are as follows :

surface 5-1 dYdX and Perp The two versions use two layers / Comparison of side chain schemes

From the table 5-1 It can be seen that ,StarkEx Zero knowledge proof is used to prove the effectiveness , Only need to calculate, do not need to rely on the goodwill of most people , The problem is that it may require a lot of computing resources ;POS There is a small probability of doing evil ;Arbitrum Fraud proved to be an incentive mechanism that can effectively avoid the problem of doing evil . From this comparison ,Perp V1 The security of funds is slightly weak .

and StarkEx and Arbitrum The security of is very high in terms of settings , But we can't say it's all 「 Very safe 」, They need to continue to be tested by the market and time , See if you can be safe in the long run 、 Under various attacks and extreme market conditions, it can avoid failures and accidents .

dYdX It is equivalent to the centralized exchange realizing the self custody of assets , Avoid running away from the exchange 、 The exchange manipulates the market with user assets 、 Transfer of funds such as misappropriation of exchange assets into Cex Then the centralization risk , At the same time, the idea is to StarkEx High performance and quality products to simulate a centralized trading experience , And at present, the main force point is in the head varieties, such as BTC、ETH wait . Therefore, there is no open and free market , It is mainly made by professional market makers . Its founder also said , They want to compete for money security 、FTX Such centralized exchanges compete for customers , In especial 「 major 」 Customer ( It usually refers to professional traders and institutional traders with high trading volume ).

From the perspective of transaction varieties and transaction concept positioning ,Perp More transactions pointing to long tail currencies , And Uniswap The coupling also points to this , also Perp use DAO The way 「 gold and jade as currency 」 wait , All point to encrypted native players . because dYdX I won't consider it until next year 「 Free money 」 And mainly head varieties , Both avoid competition in some ways .

stay 「 Community operation is very important 」 This became several derivatives DEX After consensus , In fact, I admit that futures DEX And Uniswap Such stock DEX comparison , Its operations depend more , From the present 10 In terms of the whole track trading volume of more than 100 million , At this track at least grow to 50-100 Billion transactions ago , Community operation and operation strategy will be an important factor , Therefore, the development of the track can continue to be observed .

The following comparison and analysis will be part of the above summary .

Pricing method / Liquidity attracts

Due to the close coupling between pricing and liquidity attraction , So we compare together .

Pricing method :

  • Perp:V1 by vAMM ( fictitious AMM),V2 As with the Uniswap Very similar aggregate liquidity AMM.( See Perpetual Protocol Research Report )
  • dYdX: Order book transactions , Market game , Market makers hang orders , Market makers have certain pricing power in the short term .

The final pricing power of the whole market depends on which exchange has the deepest trading depth , The ability to attract liquidity , It may be a centralized Futures Exchange (Cex), It may also be a decentralized Futures Exchange (DEX).

Liquidity attracts :

  • Perp V1: There is no precise sense of liquidity to provide , Everyone trades with the pool , The arbitrage robot provides automatic arbitrage to smooth the price difference , As long as there is a price difference, there is liquidity , You don't even need to attract , From the perspective of using the profit seeking principle of arbitrage robot , It's a good design ;
  • Perp V2: And Uniswap V3 be similar , Will be with Staking In a way that ( The scheme has not been determined , There may be other ways ).
  • dYdX: Trade Mining , Created 8 month 30 Daily single day 20 Billion dollars of trading volume , But it should be noted that ,dYdX Adopted the strategy of a typical centralized exchange , stay C As many as... Were introduced into the round of financing 8 Home mobility provider , Include QCP Capital、CMS Holdings、CMT Digital、Finlink Capital、Sixtant、Menai Financial Group、MGNR、Kronos Research etc. , also , stay B In round financing ,dYdX Has accepted one of the largest liquidity providers in the current market Wintermute The investment of .

dYdX Use market makers to make markets 、 The trading engine matches the buyer's and seller's orders , Strictly speaking, there is no 「 pricing 」, Real time price generated by market game , And the market maker shall smooth out the price difference with other exchanges .

The comparison in this section actually includes two completely different pricing models 、 Liquidity attraction model , In fact, it is the comparison between quasi centralized exchange operation logic and decentralized exchange operation logic .

Operation logic of quasi centralized exchange , Pricing and attracting liquidity are basically the same thing —— The trading depth of an exchange determines whether it has pricing power , Trading depth is created by the depth provided by market makers and the real trading volume created by traders , At this stage ,dYdX It has accepted the investment of liquidity providers through the early stage 、 And from V1 The cooperation with market makers at the beginning of the version , This has established a very considerable market maker scale , Although market makers and liquidity have no loyalty in theory , Because robots always automatically choose the best profit plan , However, the capital liquidity provider bound to the project party will obviously be different .

The operation logic of decentralized exchanges , As mentioned above 「 Core business logic 」 Described in ,Perp adopt vAMM Pricing ( according to Uniswap V3 The way ), and McDEX and dFuture It is based on the feed index price of the external Oracle, and then with the formula 「 machining 」 Price adjustment , Form a quotation . What needs to be added is ,Perp V1 The index price is needed to calculate the capital rate , When the floor price fluctuates violently, the calculation of clearing price also needs to use index price .

Another important point is ,vAMM Formed in a way 「 Floor price 」, Have certain independent pricing ability , After the trading volume settles in the exchange , Be able to obtain a certain degree of on-site 「 Pricing power 」, Judging from the current competition pattern , It is possible to realize certain pricing power in the transaction of long tail currency .

From the above analysis, we can also see , In fact, all kinds of AMM Pricing mechanism and order book dYdX almost , Who has the pricing power , Between the two, it does not depend on the mechanism , It depends on which exchange the maximum trading depth of a currency appears in the whole market . Take stock for example , Some currencies have a maximum depth of Uniswap, Some of them Sushiswap, So in these currencies ,Uniswap and Sushiswap They have the pricing power respectively .

One of the operating mechanisms : Take the initiative to make the market VS Passive market making

dYdX: Professional market makers take the initiative to make the market , Even in some cases, large market makers can dominate , According to published reports , Market maker WinterMute Once accounted for its trading volume 40%[21], From experience to business, the mechanism is closest to the centralized Futures Exchange DEX.

Perp:Perp V2 You can take the initiative to make the market , The default market making strategy introduced by the project party from the outside can also be adopted ( agreement ), That is, passive LP And active market making , according to Uniswap V3 Proportion of the last seven to become passive market making [20], future Perp V2 It is expected that most of them also choose the default strategy to make the market passively LP, Plus a few large professional market makers .

In this respect , Mainly compare the capital needs of each company 、 Design of capital utilization and capital risk :

LP ( Liquidity providers ) earnings :dYdX There is something similar to AMM Liquidity providers in , Liquidity provider billion USDC Pledge , Revenue for each Epoch (28 God ) Able to allocate 100 ten thousand dYdX Tokens, , Need to bear the risk of loss ( The following analysis ).dYdX Yes LP Pro rata , in other words , If the liquidity you provide remains the same and the overall liquidity increases , Then you get dYdX Reduce , This is related to AMM Most of the LP The reward rules are consistent . This part of liquidity is used to give market makers ( Most of them are centralized market makers ) Make a market , It can be regarded as a supplement to convective mobility —— Market makers obviously need to use a lot of money to make markets themselves , Market makers can only use these LP Of USDC Make a market, but you can't turn it away . Note that the design of this part of the rule is slightly centralized .

Perp V2 Medium LP What I earn is a handling fee ( The detailed rules have not been published yet ),V1 There is no LP, Arbitragers can earn arbitrage profits , Because the arbitrager is a group of characters who drive the project robot or write their own strategies for arbitrage , There is a probability that V2 Medium Maker, So we can say V1 The arbitrager in the will convert from obtaining arbitrage profit to obtaining handling fee .

Impermanence loss :dYdX in LP Pledged USDC In the process of market making, if there is a loss , The loss will be by the liquidity pool (LP) To undertake , This cannot be counted as 「 Impermanence 」 Loss , Is the usual market maker loss , It's just that the market makers here ( after dYdX Screening of centralized market makers ), And the funding is LP, Subsidies for potential financial losses are dYdX Project side and secondary market ( Reward dYdX). This part LP Liquidity cut-off 8 month 31 Day is 1.4 Billion dollars , It doesn't pose much moral hazard , However, if the amount is extremely large in the future, it is necessary to consider the moral hazard or other capital risks of market makers .

Perp V2 in , Because in Uniswap V3 Market making in the pool , So will bear with V3 Similar gratuitous losses in .

LP Market making method :dYdX Medium LP No active market making , It can be said that it is also a kind of 「 Inert liquidity 」、「 inert LP」, but 「 inert 」 Generally speaking, it means LP Market making depends on certain codes or rules , such as AMM, but dYdX It depends on professional market makers .

Perp V2 Of LP For active market making , And Uniswap V2 Upper LP equally , The probability will make the market by strategy —— Non professional LP It will be possible to make market through some market making tool items , Otherwise, it will suffer great losses , because Perp The strategic market making agreement that the project party will cooperate has not been determined , At present, we are discussing Perp It is still too early to use active or passive rebalancing strategies for market making .

From this perspective , Both are basically professional market makers 、 Market making with professional strategies , Ordinary non professional LP Still earning 「 Funding 」 Revenue , There is no active operation capability , The difference is that the two rely on different sources of professional market making ability : Professional market makers 、 Market making decentralized products .

At this point, the degree of centralization of the two is obviously different , But at the beginning, maybe for small and medium-sized LP The impact is not big .

Capital utilization rate and sliding point problem :dYdX Due to the use of professional market makers , The actual utilization rate of market making funds can be expected to be high , But because this part is more 「LP The utilization rate of funds 」, Its LP The utilization rate of funds is only related to a few indicators : First of all 「 all LP How much money is provided 」, The second is 「dYdX What's the price 」, The former determines every 10000 The dollar LP How much you can get from your deposit dYdX, The latter determines the dYdX How much is the reward worth USDC, It has nothing to do with the actual utilization rate of market funds .

On the slip point problem , This is a concern of professional market makers , Different sliding points determine what strategies market makers need to use to make the market , It also determines which exchange they go to make the market more profitable , That is to determine the liquidity direction of professional market makers , But in dYdX This is not decisive , Not expanded here .

Thanks to the Uniswap V2 High capital efficiency design , For aggregate liquidity market making Perp V2 The slip point will obviously be better than V1 Significantly reduce the ,V1 The sliding point problem is because its sliding point depends on K value , And once a large order amount is large , It has a great impact on the market price , Then it opens / The closing process is easy to cause sliding points , and V2 Liquidity will be concentrated near the price , In the case of relatively sufficient liquidity , Slip points will be significantly reduced .

dYdX Because it is similar to the market making setting of centralized exchanges , Capital utilization rate and sliding point for LP The impact is not big , The most important thing is whether the actual rate of return it provides can outperform other Defi Annual rate of return (APY).

Perp V2 Set the rules of active market making , The advantage that can be obtained is naturally smaller slip points , And market making with a high capital efficiency , The disadvantage is , Need to bear some free losses , And you need to use strategies to actively make the market .

Operation mechanism II : Whether to create a market completely without license

dYdX:dYdX At present, the project party adds transaction pairs , Add a trade pair every two weeks by community voting , And the founder said , Next year, (2022) I didn't think about creating a free market before , It is relatively close to the centralized exchange 「 gold and jade as currency 」 The way .

Perp:V2 From creating markets / The perspective of the transaction pair ,Perp It is the project side's self built pool and transaction pair first , The community is also allowed to create markets without permission , The way to create a market is relatively simple , In theory, just place liquidity , Similar to in Uniswap Create a pool on ( The actual details need to wait V2 Release more documents or products ), Basically, it only needs to meet the project party's requirements for the maximum K The limit of the value . This setting , The requirements for the creator of the pool are not high , But at the same time, you can't set complex parameters .V2 Will use DAO Create a market , Although the proposal has not yet been adopted , But according to the first-class warehouse , The probability of passing is very high .

dYdX Although the setting of is not free , But if its strategy is to focus on the trading of head varieties —— The head variety may concentrate most of the liquidity , This does not hinder its short-term development , In the long run, we can continue to observe , Exactly? 「 Technical decentralization is superimposed on partial centralization in operation 」 Whether a high-quality solution ?

from Perp From the perspective of creating a market ,Perp It's more like a self built market for traders with large cash holdings or even a large amount of capital . From a traditional point of view , Even from a security point of view , Setting up the market is certainly the job of professionals , Not Xiaobai's game —— This view has been applied to similar UMA、Synthetix In the logic of such synthetic asset projects : Professional technical teams create infrastructure , Professional market operators create markets . however Uniswap V1 It is the who broke this stereotype and succeeded —— It provides a very easy place to create a market . however , These two settings should also be observed in the futures market ( professional / Low threshold ) The advantages and disadvantages of , After all, futures fluctuate more violently .

dYdX The classic ( Tradition ) The way of professional market makers , The advantages are the same as centralized exchanges , Experience better at ordinary times . From the perspective of creating a market , The same as the above analysis , The project party shall directly review and add the transaction pair , Better in terms of security and prudence , But in terms of de neutralization and degrees of freedom , The way of imitation centralization will be slightly weaker .

This dimension is perhaps the most important dimension in competitive product comparison , Because when the product is gradually improved , The dimension of operation mechanism and the actual operation mode of the team 「 The battle of operations 」 It may be the main point gradually emerging in the next stage , Closer to maturity 、 A centralized way , The experience is obviously better , therefore dYdX There is still a high probability that it will continue to be the leader of the track .

and Perp What we are exploring is another way : How to organize the whole futures trading market in a more decentralized way , In large and small currencies ( In terms of market depth and trading volume ) On , Whether the applicable mechanism is different , Is it possible to have a community driven free futures market .

Due to decentralization, the futures market is still very early , We can continue to observe the development of the above projects in the next year , And expect the whole track trading data to increase tenfold or hundredfold .

Operational data

chart 5-3 Perp And dYdX stay 2021 Comparison of transaction volume data in

chart 5-3 by The Block Comparison of operation data of perpetual contract products calculated by the website , It can be clearly seen that ,Perp Since its launch, its trading volume has been leading by a large margin dYdX, Include dYdX stay 2 After the launch of the test network in January ( Its test network function is almost the same as that of the current product , And be able to make real transactions ), But in 8 At the beginning of dYdX After announcing the start of trading mining ,dYdX The trading volume on the showed a rocket growth and significantly exceeded .

Details are as follows :

dYdX: The average daily turnover in the near future is 7 Billion dollars ,8 month 30 day , Mining is coming to an end due to the first phase of transaction 、dYdX The token will be in 10 Expected impact of going online within days ,10 Billion /20 Billion dollars ( Different data and market website data vary greatly ), The official website is displayed as 13 Billion dollars .

at present , Official website display , The number of deposit addresses is 3.6 m ( Deposit means that traders deposit their funds on the second floor , May be prepared for trading or liquidity provision activities ). And here's the picture 5-4 Show , Its active trading users are about before the transaction mining starts 2000 A float up and down .

chart 5-4 The number of active traders per week displayed on the official website , stay 8 After the peak of completing trading volume tasks in the first two weeks of the month , The number of people has dropped significantly

Perp: At present, the average daily trading volume is 1.1 Around $100 million , More than the total amount of transactions 250 Billion dollars , Agreement revenue exceeds 2500 Thousands of dollars , Active traders are 2885 people .

Perp The number of active traders on the market is similar to dYdX The number of active traders before the start of mining is close to .

summary : From the attraction of current liquidity providers 、 Transaction volume during mining 、 From the perspective of product use experience , at present dYdX It's all faucets , And mainly in the head variety . Part of its advantage is Starkware And its own technical capabilities , Part is the blessing of head capital and liquidity providers , The other part is the design of the mining mechanism .

even to the extent that , Partly because it is now similar to coin an 、Bybit Such as the operation mode of centralized exchanges , Make it easier for liquidity providers and professional traders to migrate .

But in the long run ,Perp May establish an advantage in the long tail market , Its V3 There may also be new improvements in mechanism and operation , Vega Protocol The successive launch of such agreements may also bring changes in market share .

dYdX Whether the current high market share and high transaction volume can be sustained , And whether other agreements and projects can be implemented in the future DEX The whole track still has explosive growth in the growth of exponential trading volume , Still need to continue to observe .

Whether the quasi centralized operation model is the best model in the long run ? This problem will be discussed in the next chapter DEX The continued development of the track has been verified .

risk

1) Safety and failure risks : because Defi The dark forest attribute of the world and the attribute of the software itself ,dYdX There may be security and failure risks in itself and its two-layer network , Including but not limited to : Risk of loss of escrow funds , Exchange or layer 2 network StarkEx Risk of being attacked , And the risk of transaction loss caused by layer 2 network failure ,dYdX Safety risk and failure risk of the product agreement itself , Like pins 、bug、 Front end crash, etc .

2) Development is less than expected risk : futures DEX The track is developing rapidly , Numerous competitive products , Its leading position may be challenged ;dYdX Before going online, due to the popularity of trading mining activities , Its project is very hot , After going online, there may be a risk that the project data is not as expected ( If such as dYdX Currency price correction , Will in turn affect the mining heat of trading ).

3) dYdX Token value capture capability risk : The attribution of transaction costs is not determined , There may be a risk that the agreement cannot capture transaction costs .

4) Quasi centralized risk :dYdX The operation is centralized , There may be related similar centralization risks in operation . First , Market makers are mainly centralized market makers , And many market makers are investors of the project side , In the process of market making , If the market maker fails to repay the current pledge pool loan in time , May result in the liquidity of the pledgor (LP) Loss , And it is possible to manipulate market prices 、 Fixed point position explosion and other common market makers' evil risks in centralized exchanges . secondly , at present ,dYdX Token allocation is determined by the centralization of the project side 「 Clean up the deal 」 And cancel the transaction mining reward , May cause traders to lose mining costs . And so on , There may also be other unexposed risk of centralization .


source : Chain smell  

writing : First class

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