Research Summary
The report provides an in-depth analysis of three major decentralized finance (DeFi) platforms: dYdX, THORChain, and Osmosis. It highlights their recent performance, including trading volumes, total value locked (TVL), and user activity. The report also discusses the platforms’ unique features and recent developments.
Key Takeaways
dYdX’s Rapid Growth
- Impressive Performance: dYdX Chain, a decentralized exchange (DEX) built on the Cosmos SDK, has seen significant growth since its launch three months ago. It has surpassed other major DEXs with a cumulative trading volume of over $33B and a TVL of $50M. The platform has also distributed over 5M in USDC to more than 12,200 stakers.
- Launch Incentives Program: The dYdX Chain governance has adopted a Launch Incentives Program, setting aside $20M in DYDX from the Treasury to be distributed over six months. This initiative has sparked competition among traders for Season 2 rewards.
THORChain’s Innovations and Performance
- High Daily Swaps: THORChain, a crosschain liquidity protocol, has seen daily swaps surpassing $382M. Its native token, RUNE, has enabled over $287M in swaps for each of its top two routes, involving BTC.
- Affiliate Program: THORChain’s affiliate program has started incentivizing wallets and dApps to integrate its swap tech. TrustWallet has already collected over $1.6M in affiliate fees, indicating robust activity that could attract future partners.
Osmosis’s User Activity and Revenue
- High Trading Volume: Osmosis, the main shared liquidity layer for the Cosmos ecosystem, has crossed $7.7B in cumulative trading volume. It has also generated about $12.9M in cumulative swap fees, translating into approximately $5.2M in protocol revenue over the past year.
- TVL and Staking: The TVL in Osmosis has risen back over $200M, with more than $70M in Stride asset pools. The platform has seen a net inflow to staking and superfluid staking in the past 30 days.
Actionable Insights
- Monitor dYdX’s Growth: Given dYdX’s rapid growth and impressive performance, it may be beneficial to keep a close eye on its future developments and performance metrics.
- Assess THORChain’s Innovations: THORChain’s innovations, such as its affiliate program and high daily swaps, could be worth assessing for their potential impact on the platform’s future growth.
- Research Osmosis’s User Activity: The high trading volume and increased staking on Osmosis suggest a strong user base. Researching these trends could provide insights into the platform’s stability and potential for future growth.
