In this issue of Coin Metrics’ State of the Network, we build on our previous coverage of dYdX, examining the evolving role of the DYDX token, the exchange’s expanding market breadth, and recent trends in trading volume, liquidity, and funding dynamics.
Key Takeaways
- The DYDX token plays a central role in the dYdX ecosystem, enabling governance, securing the chain through staking, and aligning trading activity via DYDX-denominated rewards.
- dYdX has rapidly expanded its market listings, reaching 267 perpetual futures markets that span diverse sectors, offering access to both blue-chip assets and emerging tokens.
- Open interest has grown to $200M in Q2, with BTC and ETH markets accounting for 80% and a majority of perpetual futures trading volume on dYdX.
- Liquidity on dYdX remains deep but more variable than on centralized venues, suggesting differences in market-making models and participant behavior across platforms.
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