May 7, 2021, 6:21AM EDT
• 6 min read

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 $700+ million 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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