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Source: Pentalab
Project name: DYDX
Token: DYDX
Currently diluted market value: $ 3.2 billion
Estimated to fully dilute market value: $ 7.6 billion
Rising space: 140%
Penta ten latitude score: 77
Data as of: February 15, 2024
Full report download: pentalab.io
Penta ten latitude score:
The transaction volume continues to occupy the leading position of the decentralized exchange track.DYDX is a decentralized exchange platform that provides a sustainable transaction option for more than 35 popular cryptocurrencies. The transaction volume and market share are ranked among the top three decentralized exchanges.According to Mintscan data, as of February 15, 2024, the transaction volume of the V4 version of DYDX has reached about 19 billion US dollars in nearly 30 days, which is higher than the $ 11.8 billion transaction volume higher than the V3 version.The income of $ 3.02 million in V3 versions is flat.
fromLayer2arriveLayer1,,CosmosEcological help development.After the release of the V4 version of DYDX, community governance agreed to use DydX as the Layer 1 generation of DYDX chain through voting, and was used to treat tokens, fuel costs, and pledged to DYDX chain verification to ensure the safety of the chain.COSMOS SDK and CometBFT POS Consensus Agreement has a completely decentralized chain order book and matching engine.Dydx Chain has more autonomy and better security as a customized L1 blockchain on COSMOS.
Edition iteration of offspring value capture capabilities has improved significantly.The V4 version protocol of DYDX issues pledge incentives to DYDX pledges in the form of USDC.According to DYDX data, as of January 31, 2024, the V4 version agreement has distributed more than 4 million USDC pledge incentives to more than 11,071 pledges, with an annual pledge rate of 15.13%.Compared with DYDX’s V3 version protocol agreement, transactions and pledge incentives are issued in the form of ETHDYDX token, and V4 token value capture capabilities have been significantly improved.
Valuation:In view of the recent release of circulating tokens in the company, we have adopted FDV valuations. Since February, the ratio of FDV compared with V3 and V4 has an average of 2.9, and the current ratio is relatively low since February.Considering that the V4 transaction volume has made great progress all the way since February, it has exceeded the billion US dollars on February 13. The weekly increase growth rate in the last week is as high as 48%.Suppose V3 transaction stops, and then uses 1.9 FDV to obtain a six -month transaction volume of the previous day. It is estimated to have a completely diluted market value of US $ 7.6 billion, which is now 140% of the increase.
Main risk:The amount of transaction is less than expected, security and competition intensify.
