介紹
dYdX 最近完成了從 StarkWare 到 Cosmos 應用鏈的遷移，並於 11 月 13 日完成了第一筆交易。除此之外，dYdX 還更新了其 V4 代幣經濟模型，增強了 DYDX 的價值獲取能力。
在這兩個事件的綜合影響下，我們預期 dYdX 的基本面將顯著改善，使 DYDX 在二級市場上獲得更大的收益。
更新後的代幣經濟模型使 DYDX 具有增強的價值獲取能力
1. dYdX 收入屬於代幣質押者
dYdX 創辦人 Antonio 宣布 dYdX Trading Inc. 已正式成為公益公司，不會從 dYdX V4 的營運或交易中產生收入。
dYdX 鏈上的所有協議費用，包括以 USDC 定價的交易費用和以 DYDX 定價的 Gas 費用，都將分配給驗證者和質押者。
值得注意的是，dYdX 團隊還需要質押代幣來獲得費用獎勵，這將降低團隊大量拋售代幣的風險。
dYdX 目前的年收入約為 1.0547 億美元，協議收入在驗證者和質押者之間的分配將增強 DYDX 的價值捕獲能力。
dYdX 每日費用
2. DYDX 通證經濟模型更新
此前，DYDX 代幣主要用於協議治理、費用折扣以及透過質押獲取代幣通膨獎勵。
隨著 dYdX V4 協議治理和質押模組的變化，代幣持有者現在擁有更大的治理權利，質押者可以獲得實際收益。
Firstly, DYDX holders can now vote on key parameters and critical functional modules of dYdX, including but not limited to transaction fee rate parameters, trading reward mechanisms, third-party price oracles, and the addition/removal of existing markets. The expanded governance authority empowers DYDX holders to dynamically adjust transaction parameters and protocol functionalities based on market demand,making governance rights more valuable.
Secondly, DYDX token holders staking tokens will receive income derived from bothtransaction fees and gas fees, replacing the previous token inflation incentives. This change aims to enhance the real yield for stakers. DYDX tokens are transitioning from being just mining rewards to becoming universal tokens on the dYdX Chain, with value-capturing capabilities, wealth effects, and governance rights.As dYdX trading volume increases and fundamentals improve, the rise in fee income for dYdX will amplify the appeal for DYDX holders staking tokens. This process will further reduce circulating DYDX tokens, increase market demand for DYDX tokens, drive token price appreciation, and create a positive growth flywheel.
dYdX Price & Fees
The chart above depicts the performance of DYDX token prices and protocol fees under the yet-to-be modified token model. We anticipate that the new token model will further strengthen the growth of token prices and protocol fees.
The AppChain migration strengthens expectations for dYdX’s future performance
1. Pursuing performance surpassing that of centralized exchanges
One of the significant reasons for dYdX’s departure from StarkWare is that StarkWare’s upgrades, with the existing performance and cost structure,are insufficient to support dYdX’s ambitious growth plans aiming to compete with centralized exchanges (CEX).The bespoke application chain allows dYdX to operate without direct competition from other protocols, enabling exclusive access to the application chain’s performance. This, in turn, reduces on-chain transaction costs and better accommodates dYdX’s high TPS demands for order book and matching engines. Before the migration, dYdX could only process about 10 transactions per second and 1,000 order/cancellation requests per second. After the migration,dYdX can handle up to 2,000 transactions per second.Apart from performance improvements,the independence from StarkWare eliminates the need for profit-sharing, significantly raising stakers’ expectations for future income distribution from the protocol.
Source:https://dydx.exchange/blog#
2. Customized AppChain delivers a superior trading experience
Another significant advantage of migrating to the application chain is thatdYdX can achieve higher customizability in the workflows of the blockchain and validating nodes to meet the demands of decentralized derivative trading.
In dYdX V4, each validating node runs an in-memory order book that never reaches consensus off-chain. Order placement and cancellation are propagated through the network, with only trades that match in real-time and receive consensus confirmation being ultimately submitted to the blockchain. This ensures uniformity in the order book data stored by each validating node. Following this operational logic, user actions for placing and canceling orders are considered to be off-chain activities, eliminating the need to pay gas fees. Users only incur gas fees when the matched transactions are successfully completed and submitted to the blockchain.
Additionally, dYdX has collaborated with Skip Protocol to develop an MEV dashboard, to expose harmful/dishonest nodes. By penalizing such nodes through community consensus, dYdX safeguards the fairness of its trading network. Migrating to the application chain allows dYdX to optimize users’ actual trading experience at a deeper level, which will increase user willingness to transact on the dYdX platform.
MEV Dashboard on dYdX
The remaining positives and future risk considerations
1. Early Incentive Program
The dYdX community has approved the launch incentive proposal for dYdX V4, allocating $20 million worth of DYDX from the dYdX Chain community treasury for a 6-month launch incentive program to encourage early adopters. The early incentive program aims to strengthen users’ willingness to cross-chain their funds to the dYdX Chain, fostering an increase in dYdX trading volume and fee income.
2. Native Cross-Chain USDC
The Circle Cross-Chain Transfer Protocol (CCTP) is set to launch on the Cosmos ecosystem application chain Noble on November 28th. This will enable users to seamlessly transfer native USDC from Noble to the dYdX Chain in a single transaction. The introduction of CCTP on Noble simplifies, secures, and streamlines the process of sending USDC to the dYdX Chain, offering users a more straightforward and efficient experience.
3. The substantial token unlocking in December
dYdX V4近期面臨的重大風險事件之一是12月的大幅代幣解鎖。
根據TokenUnlocks數據，12月1日將解鎖dYdX總供應量的15%。
不過，此次解鎖事件不一定會導致大幅拋售。
如前所述，質押 DYDX 代幣可提供大量費用和汽油費股息。
本次解鎖中，大部分代幣屬於團隊和早期投資機構。
考慮到近期二級市場的看漲趨勢以及 dYdX 代幣模型變化的影響，團隊和機構投資者可能會選擇質押代幣來捕捉 dYdX 未來潛在的價值成長。
DYDX 代幣解鎖
綜上所述，我們認為，隨著 dYdX 應用鏈遷移的完成以及升級後的通證經濟模型的影響，
dYdX 的基本面呈現出穩定向好的成長趨勢，DYDX 通證也將進一步捕捉dYdX 的價值增長。
同時，10月25日以來，加密貨幣市場情緒整體回暖，波動性和流動性明顯增強。
DYDX代幣價格的大幅上漲也反映了市場對市場牛市情緒能夠持續、平臺交易量持續擴大、手續費收入持續增長的樂觀預期。
參考
https://dydx.exchange/blog/public-benefit-corporation
https://www.dydx.foundation/blog/dydx-token-mechanics
https://dydx.exchange/blog/dydx-chain-official-release
https://dydx.exchange/blog/dydx-chain
https://dydx.exchange/blog/distinguishing-mev-from-expected-noise
https://token.unlocks.app/dydx
明泰資本
將願景轉化為價值，我們賦能下一代加密貨幣創新。
MT Capital 的願景是成為全球領先的投資公司，專注於支持能夠產生巨大價值的早期技術企業。
我們不僅是投資者，我們也是創始團隊背後的推動力量。
我們相信，基金與其投資組合公司之間建立的聯繫和信任對於共同成功至關重要。
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