Analysis from the first month of dYdX’s L2 launch
Quick Take
- dYdX is a protocol for decentralized perpetual swaps. Initially launched in October 2018 on the Ethereum mainnet, the new version is live on StarkWare’s zk-Rollups.
- In the first month after its launch, dYdX facilitated $1 billion in trade volume and added markets for DeFi tokens such as UNI, YFI, AAVE and 1INCH.
- The advantage for dYdX is its scalability, but the difficulty will be in bootstrapping liquidity for long-tail markets and a lack of composability.
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Author: Mika Honkasalo
