$GMX and $DYDX look to dominate the decentralized derivatives space with major upgrades planned for 2023.
Notably, the ratio between trading and OI volume on dYdX is higher than GMX. The inflation of trading volumes on dYdX can be explained by the DYDX token incentive to boost trading volumes. A“In cases where incentives are explicitly targeted at trading activity, like with dYdX, it remains difficult to determine the extent to which the trading volume would exist without such rewards.”in GLP token holders against traders has fared in facilitating zero-slippage trading.
In terms of total locked value, GMX outpaces dYdX by 1.7 times, with $627 million deposited in GMX versus dYdX’s $356 million, perComparing the trading and OI volume and liquidity, there’s no clear winner of the two. Thus, the competition for the top spot in decentralized derivatives trading is up for contention.Both exchanges have advantages and shortcomings, with updates lined up for this year to improve their product lines.
The IOSG report noted that due to the significant trading incentives, dYdX has a large discrepancy of $750 million between fees earned and incentives, “indicating that the project has paid more incentives than earned in fees.”the token inflation over the past six months from 5.8 million tokens per month to 2.7 million in the same period.
The dYdX team aims to accrue “real value” for the DYDX token by directing trading fees and its Layer-1 blockchain transaction fee toward holders. TheyRecently, the team conducted a successful private testnet launch of the dYdX chain, which is set to launch in September. While GMX has attained organic trading volumes over dYdX, it offers limited trading pairs of only four cryptocurrencies in Bitcoin (
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