Research Summary
The report provides an in-depth analysis of the performance of various decentralized exchanges (DEXs) and their derivatives. It covers platforms such as Drift, GMX, Zeta Markets, Gains Network, Polynomial, and Dopex, highlighting their total value locked (TVL), trading volumes, user growth, and unique features.
Key Takeaways
Drift’s Impressive Growth
- Drift’s Milestones: Drift, a perpetual DEX on Solana, has crossed $100M in TVL, $1B in 30-day volume, and $3B in cumulative volume. The platform has seen a tenfold increase in daily active users (DAUs) within a month, with over 99% of its user base being retail users.
GMX’s Revenue and Trading Volume
- GMX’s Revenue and Trading Volume: GMX V2, launched in August 2023 on Arbitrum, has generated $7.21M in revenue and reached a total open interest (OI) of $220.6M. The platform’s total value locked (TVL) has grown to $561.65M.
Zeta’s Market Share and User Growth
- Zeta’s Market Share and User Growth: Zeta Markets has seen over 500% month-on-month user growth, pushing its cumulative trading volume past $1BN. The platform now holds nearly 50% of the perpetual swaps market share on Solana.
Gains Network’s Trading Volume and Leverage
- Gains Network’s Trading Volume and Leverage: gTrade, a perpetual DEX by Gains Network, has reached over $53B in volume. The platform allows up to 150x leverage on crypto, 250x on commodities, and 1000x on forex.
Dopex’s Options Trading Volume
- Dopex’s Options Trading Volume: Dopex V2, an options trading platform, achieved $50M in options volume with only $2.2M in TVL within a month of launching. The platform generated around $150K in options premiums and fees.
Actionable Insights
- Explore Drift’s User Base: Given Drift’s significant retail user base, it may be beneficial to understand the platform’s user acquisition strategies and how it maintains user engagement.
- Assess GMX’s Revenue Generation: GMX’s ability to generate substantial revenue shortly after its launch suggests a successful business model. A closer look at its revenue streams could provide insights into effective monetization strategies in the DeFi space.
- Investigate Zeta’s User Growth: Zeta’s rapid user growth indicates a successful user acquisition strategy. Understanding the factors contributing to this growth could provide valuable insights for other platforms.
- Understand Gains Network’s Leverage Options: The high leverage options offered by Gains Network could attract a specific segment of traders. Researching the potential risks and rewards associated with such high leverage could be beneficial.
- Examine Dopex’s Options Trading: Dopex’s success in options trading volume with a relatively low TVL suggests efficient capital utilization. A deeper analysis of its trading strategies and risk management could provide valuable insights.
