jakiro
Author: Xiaoyue Xiaochu, beard watching coin member Source: x,@rueexiaochu
To say that the tracks that broke out in the cattle market, derivatives must be considered one.
We can divide the track into two types, one is conceptual, new concepts, and new big cakes.
The other is the real growth of product data.In the bull market, the trading class is definitely one.
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The contract transaction volume of the BTC of the above bull market is an example. From 1.58 billion in March 20, 20 years, the maximum of 27.2 billion in April 21st, and the transaction volume directly increased by 17 times 21 years.The soaring platform coins are simple, that is, the transaction volume is surging.
1 The potential of the derivative derivative market
At the centralized exchange, the contract transaction volume has already exceeded the spot transaction volume.For the simplest example, the spot trading volume of the entire network over the past 24 hours is about 50 billion US dollars, while the 24 -hour contract transaction volume is $ 150 billion.The contract transaction volume is about 3 times the spot.
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In the last bull market, a very important trend is the popularization of decentralized exchanges (DEX), such as Uniswap, Sushiswap, etc.DEX’s experience, Binance OK Huobi, etc., resisted first, to passive acceptance, and finally embraced.In just one year, Uniswap’s transaction volume and market value in 21 years exceeded the second -line centralized exchange.
In addition to the spot in decentralized transactions, there are derivatives.However, although there are some projects in the previous bull market, although there are also some derivatives, it has not developed greatly.The core reason is that the infrastructure is not perfect, because derivatives have higher performance requirements for public chain.The user experience is always more different than the centralized exchange.
However, after the development of this round of cyclical infrastructure, and the continuous innovation of derivatives and tracks, it has been able to provide users with a good product experience.
But from the data point of view, derivatives are still undervalued.Taking simple data as an example, the spot transaction volume is 50 billion U.S. dollars, and DEX, mainly based on Uniswap and Jupiter, has a 24 -hour transaction volume of about 7 billion US dollars, accounting for about 14%.Compare, the contract transaction of the centralized exchange is $ 150 billion.For decentralized contract transactions, it is only $ 8 billion, accounting for only 5%.
From the perspective of market value, Uniswap’s daily transaction volume is about $ 2.5 billion, the market value of circulation is 6.3 billion US dollars, and FDV is $ 10.6 billion.The daily transaction volume of DYDX is 1 billion US dollars, the market value of circulation is 1.1 billion US dollars, and the FDV is 1.5 billion US dollars.If the transaction volume with Uniswap is calculated, it is at least twice underestimated.
Therefore, in terms of overview, the current transaction volume of derived derivatives has not really played, and there is still a potential of at least 3 times comparison with the spot.At the same time, at the time of the bull market, the various types of transactions in the entire market may still be more than 10 times the growth potential.
2 The main members of the derivative track
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On derived derivatives, the names are relatively large in DYDX and GMX.
DYDX is an old -fashioned derivatives market. It uses a thin matching transaction, which is the same aspect of a centralized exchange.When the currency was launched in the 199th, many people were rich.It uses low costs, depth liquidity and up to 20 times leveraged, supporting 67 cryptocurrencies.V4 is based on the Layer 1 -level public chain built by COSMOS
DYDX has always adopted the trading reward situation, which is equivalent to trading mining.The transaction volume is in the top three for a long time, and the daily transaction volume is around 2 billion US dollars.The market value of circulation is 1.1 billion US dollars, and the FDV is 1.5 billion US dollars
GMX is derived from Arbitrum, and its innovation type uses the AMM mechanism.It quotes the LP pool.Unlike traditional matching transactions, there are no buyers and sellers on the GMX as the opponent.Motor opponents with LP pools, and LP providers can get trading fees, MM fees, etc.GMX once became the largest transaction volume in 23 years and 23 years, and has high hopes.However, as the outstanding players of derivative derivatives are constantly emerging, many projects of GMX often surpass.
GMX’s daily transaction volume is about 200 million to 500 million, and the current market value of GMX is 320 million US dollars.
Synfutures
It attracted our attention that it was Synfutures at the top of the transaction volume. Its 24 -hour trading volume was 300 million US dollars than the second place DYDX.
Synfutures trading volume
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According to DEFILLAMA data, Synfutures has been obviously better since March this year.An important time node is that Synfutures released the V3 protocol on February 29.It can be seen from the data that Synfutures’s daily transaction volume throughout 23 years is basically in the 15m ~ 30m range.
Since March 24 years, the daily transaction volume has been significantly improved.The first is to increase to about 80m, and then reach about 300m in late March.Since April, the daily transaction volume has been increased to 1B of magnitude, which is 30 ~ 60 times last year.The highest daily transaction volume reached 1.7B.
It can be seen from the data that the daily transaction volume of Synfutures is not a short -term stimulus.It has been in a very high position since April.
This series of beautiful data of SynFutures made me carefully study it.The V3 version is mainly launched to create the Oyster AMM (OAMM) system for the contract. There are two major advantages behind this.
The largest advantage is that it can realize that each derivative transaction has a separate liquidity pool, which will not lead to a global systemic risk.And it can allow liquidity to be concentrated in a specific price interval like Uniswap V3 and MAverick.Greatly improved the utilization rate of funds and increased the depth of transaction.From the data point of view, the ratio of Synfutures’s transaction volume to TVL is as high as 19.48, far surpassed the 2.68 and GMX 0.34 of DYDX.
The second major feature of Synfutures is to use anyone in any EVM chain, using any ERC 20 token as a deposit, and the entire currency process can be completed within 30s.In my opinion, this future potential is very great.
Having said that, to talk about the reason why Uniswap succeeded.
In the last bull market, the decentralized exchange UNISWAP achieved a large leap forward. In just one year, the transaction volume was obedient to the front line exchange.Most people may attribute it to the inevitable trend of decentralized transactions, but I don’t agree.The real reason is that it can be traded by anyone free.
Let us recall that before the emergence of DEX, a currency needs to be traded. Even on the small exchange, BD, submitted information, waiting for review, etc.It is a long time that the process is.It only takes 1 minute in Uniswap, and can be traded after formulating LP.Therefore, after the emergence of DEX, it brought huge convenience.In the bull market, a large number of new projects emerge every day, and Uniswap has naturally become the first choice.
Therefore, it is a function that does not require a license in the bull market, which is the function of the King Fried level.Now this track is only owned by Synfutures, which may become another step in the future.
summary:
In this bull market, the derivative track must be concerned.To be sure, the trading volume of this track in the bull market is at least 10 times the increase, which is the real fundamental fundamental aspect.In derivatives, there are also more competitors. The old -fashioned ones are DYDX and GMX, which are still undervalued compared to the spot.
In recent months, the trading champion Synfutures is also worthy of attention.It has not yet issued coins, and the Mao Party can participate in advance.After all, a large number of people were rich on DydX.Synfutures, which has raised more than 36 million, is also sought after by head institutions such as Pantrea and Dragonfly.
