Analysis from the first month of dYdX’s L2 launch

Quick Take

• dYdX is a protocol for decentralized perpetual swaps. Initially launched in October 2018 on the Ethereum mainnet, the new version is live on StarkWare’s zk-Rollups.
• In the first month after its launch, dYdX facilitated $1 billion in trade volume and added markets for DeFi tokens such as UNI, YFI, AAVE and 1INCH.
• The advantage for dYdX is its scalability, but the difficulty will be in bootstrapping liquidity for long-tail markets and a lack of composability.

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