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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
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Dare to trade. Dare to win.
dYdX v4 launches trading features, with multiple incentives to promote migration from v3 to v4.
dYdX Enters a New Era of Cosmos AppChain: Analysis of Trading Migration Incentives and Market Trends
On November 13, dYdX v4, built on Cosmos SDK and Tendermint, officially entered the Beta phase, opening trading functionalities. This new version, referred to as dYdX Chain, runs in parallel with the dYdX v3 version on StarkEx, with most trading volume still concentrated on the v3 platform. This dual-track parallel strategy retains the functionalities and user base of v3 while providing space for innovative development of v4 on the new platform.
In the current environment of significant market volatility, on-chain perpetual contract platforms have seen a substantial increase in trading volume, and the performance of platform tokens has also been impressive. As of November 16, the price of DYDX tokens reached $4.02, with a remarkable increase of 54.45% over the past 7 days. Data shows that the recent average daily trading volume of dYdX is approximately $1.7 billion, surpassing the daily trading volume peaks of the previous two months in the last three months. As the largest project by market capitalization in this field, dYdX's market performance reflects strong investor interest and a positive attitude towards it.
DYDX Profitability Analysis
In the latest update from dYdX, the most notable change that has caught investors' attention is the full allocation of trading fees in the form of USDC to DYDX token stakers and validators. This change sharply contrasts with the previous model where fees were collected by the company, resembling the difference in whether the governance tokens of leading decentralized exchanges can share in platform profits.
Compared to other perpetual contract solutions and spot DEXs, dYdX adopts an order book trading model, eliminating the need for passive liquidity providers. Actively participating market makers can earn rewards through unallocated DYDX tokens. This allows all trading fees to be distributed to stakers, significantly enhancing profitability, especially compared to projects that allocate most of the fees to liquidity providers.
According to current data estimates, the circulating market value of DYDX is approximately $720 million. Based on the $8.67 million in fees over the past 30 days, the annualized fees are expected to reach $105 million. Its price-to-fee ratio (P/F) is 6.6, and the estimated staking yield is 14.6%. However, this estimation method has certain limitations, as it assumes that trading volume remains constant and is entirely transferred to v4, while ignoring the reality that the currently circulating DYDX is less than 20% of the total supply.
Taking multiple approaches to promote the migration of trading volume from v3 to v4
dYdX v4 operates in the form of the dYdX Chain, with DYDX used as the trading Gas fee. Stakers enjoy governance rights while receiving rewards and bear the responsibility of protecting network security. Currently, only the fees generated on v4 will be distributed to v4 stakers. Given that the current daily trading volume of v4 is a mere $80,000 compared to v3's $1.7 billion, dYdX has implemented several measures to incentivize trading to shift from v3 to v4.
Cosmos ecological projects are widely supported.
DYDX's fully diluted market cap reaches $4 billion, surpassing ATOM, granting it comprehensive support from projects within the ecosystem as soon as it goes live on Cosmos.
Conclusion
dYdX has launched on Cosmos in the form of an AppChain, and validators and stakers of the DYDX token will receive all transaction fees in the form of USDC, while also having governance rights and the responsibility to maintain network security. Although the trading volume for v4 is currently low, dYdX has taken various measures to promote the migration of trading volume from v3 to v4. With trading and LP rewards for v3 set to stop at the beginning of next year, it is expected that trading volume will primarily focus on the v4 platform at that time.