Since its launch in October 2023, the volume on the #dydx chain (built on the Cosmos AppChain) has surpassed the volume of the largest market Dex, #Uniswap v3, as of January 2024.
Moreover, the daily total volume of #dYdX ($1.7 billion) has exceeded the daily total volume of #Uniswap ($1.15 billion). Meanwhile, the market capitalization of dYdX is only one-fourth of Uniswap's.
It's evident that the derivatives market on Dex platforms has started to gain momentum, even in the early season. There is an expectation that this season, the derivatives market will become a significant segment of the overall market, especially as Dex interfaces become more accessible and Layer 2 solutions like Arbitrum develop their wallet infrastructure.
In this segment, you may want to pay attention to projects like dYdX (leading volume in the derivatives space, running on #ETH and JupiterExchange on #Solana, and Vertex Protocol on #arbitrum .
Other derivatives-focused DEX platforms with good volume include Blue fin on SushiSwap and Hyper Liquid on Arbitrum, although they don't have their own tokens yet.
