Pro
Perp DEX Token Cheat Sheet
Key Insights
- Perp DEXs have proven PMF and mechanisms that provide sustainable cash flows to tokenholders.
- dYdX (DYDX) is the category leader with over $280 billion in volumes YTD and is now in a critical transition to an appchain with V4.
- Synthetix (SNX) Perps proved to be a terrific mechanism for stakers but still has to show consistency of demand for traders without incentives.
- GMX (GMX) was a bear market winner but had a slow launch and uptake of its V2. 12 million ARB rewards could catalyze liquidity and usage of the new version.
- Gains Network (GNS) paid a steep price for taking the other side of trades when LUNA crashed, but new mechanisms and a recent change in the fee split give it a very cheap relative valuation.
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Before joining Messari as a Senior Research Analyst, John worked in Equity Derivatives on the buy-side and sell-side for over five years. He studied macroeconomics and markets for almost a decade. Now, John spends time thinking about token design, DeFi protocols, and governance.
Mentioned Assets