解析 dYdX 的代币飞轮和无许可长尾资产市场

币圈资讯 阅读:35 2024-04-22 01:56:28 评论:0
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作者:雨中狂睡 来源:X,@0xSleepinRain

在这轮周期中,我还是蛮喜欢做「老项目新叙事」概念的,这点从我之前做 $MKR 上也可以看出。 $MKR 未来的拆分+改名+SubDAO,以及创始人之前一直在买 $MKR ,这些点都足以让我坚定持有 $MKR 。

一个比较简单的思路是,在牛市当中,项目自身的主观能动性往往决定了项目代币价格的走势——肉眼可见,很多项目方都在往热门概念上靠拢。

在老 DeFi 中,Uniswap 致力于推动意图叙事的发展,Compound 创始人在搞 RWA,而 dYdX 推出了 v4,出走以太坊生态,利用 Cosmos SDK 作为其区块链框架,构建 dYdX Chain。

接下来我就来和大家简单来聊一下 dYdX 在这段时间的更新:

1.DYDX 代币经济学的更新

在 v3 中, $DYDX 的主要 Utility 是获得手续费折扣,而在 v4 后, $DYDX 变成一个真实收入代币——质押者和验证者都可以获得以 USDC 支付的分红(100%的手续费收入,团队想要获得手续费收入,也需要质押 $DYDX )。同时,团队也在通过 $DYDX 激励来鼓励用户交易(交易挖矿)。

由此, $DYDX 的飞轮已经成型,如下图所示:

rTMlFIgZ20Odw9EAnzErKBnMBIdN1KofzLrgC3qc.png

这个飞轮的发动机是 $DYDX 的价格,只有 $DYDX 的价格上涨,才会有足够的用户逐利在 dYdX 上进行交易,产生更多的手续费收入。

那么, 在这波大跌之后, $DYDX 还有机会吗?

我们可以从 dYdX Founder 的推文中看到一些端倪:

sKyqdWJuWjOsq0HMVxQgaJjIVxl0r9v80TYdULPp.png

就在 4 月 7 日,Founder 提到,将会把国库的部分 $DYDX 质押,并用其收入来回购 $DYDX (P2)。

简单来说,项目方希望通过回购行为来利好代币价格。

2.定制化高性能去中心化交易所

正如 对比图所示,dYdX v3 与 v4 的性能对比如下:

Pzjl11GeZXoX3hHvCKjmMoHjY4fQZqRq8WgeFeqA.png

v4 的升级对协议性能和用户成本的改善是肉眼可见的。

3.使用 Cosmos SDK 构建所带来的互操作性和组合性

第一,加入 Cosmos 生态的好处也不只是定制化应用链和代币经济学改善,Cosmos 生态的互操作性和组合性同样被 dYdX Chain 继承。

在 v4 上线之后,Cosmos 生态中的 LSD 协议基本都已经支持 $DYDX 的流动性质押。流动性质押的普及对  $DYDX 质押数据的增长和价格表现(LSD 协议将会用 $DYDX 质押收入 USDC 来回购 $DYDX)都有实质性好处。

第二,Noble 已经通过 CCTP 实现原生 USDC 在 dYdX Chain 的扩展,这也是 dYdX Chain 能够用 USDC 进行结算的基础。

4.结语

在 dYdX 2024 路线图中,团队提到,他们将会重点关注三个主要领域:Permissionless Markets(无需可市场)、Core Trading Improvements(核心交易功能优化)和 UX/Onboarding Upgrades(用户体验/入门升级)。

就像我在 Vertex 文章中提到的,去中心化衍生品交易平台被市场赋予的使命便是与中心化衍生品交易所竞争,如果想要竞争,就需要更好的代币经济学和更好的产品,以及中心化衍生品交易所所没有但市场又有所求的东西:

1、代币经济学:dYdX 调整了代币经济学,将 100%的手续费收入分红给了验证者和质押者,构建了一个潜在的飞轮。

2、更好的产品和用户体验:在用户体验方面,dYdX 希望通过提升交易功能的可靠性、准确性和即时性来给予用户更好的交易反馈,以及 dYdX 同时也在致力于降低用户的准入门槛(易用性)。

3、去中心化衍生品交易平台的竞争优势 Permissionless Markets:我个人认为对长尾资产的支持是去中心化衍生品交易平台主要的竞争优势。dYdX 希望构建一个 Permissionless Markets,无需治理流程,即时上线,并通过 LP Vaults 提供流动性。

除代币经济学外,Permissionless Markets 和 UX/Onboarding Upgrades 还在路上。


The source of the author's crazy sleep in the rain is that in this cycle, I still like to do the new narrative concept of the old project. From what I have done before, we can also see that the future split and renaming and the founder have been buying these points are enough for me to firmly hold a relatively simple idea. In the bull market, the subjective initiative of the project itself often determines the trend of the project token price. It is obvious to the naked eye that many projects are moving closer to the hot concept, and the founder is engaged in promoting the development of intention narrative in the old and middle schools. And launched the ecological utilization of runaway Ethereum as its blockchain framework. Next, I will briefly talk to you about the update of token economics during this period. The main purpose of the update is to get a fee discount, and then it will become a real income. Both the token pledge and the verifier can get the fee income to pay dividends. The team wants to get the fee income and also needs to pledge it. At the same time, the team is encouraging users to trade and mine through incentives, so the flywheel has been formed, such as As shown in the figure below, the engine of this flywheel will have enough users to make profit-seeking transactions on the Internet only if the price rises, so is there any chance after this wave of plunge? We can see some clues from the tweet that part of the national treasury will be pledged and repurchased with its income. In short, the project hopes to customize the token price and decentralize the exchange with high performance through repurchase behavior, as shown in the comparison chart. The improvement of protocol performance and user cost is obvious to the naked eye. First, the benefits of joining the ecology are not only customized application chain and token economics to improve the interoperability and combination of the ecology, but also the liquidity pledge that has been basically supported by the agreements after going online. The popularity of liquidity pledge has substantial benefits to the growth of pledge data and the price performance agreement. Second, it has been passed. By realizing the original expansion, this is also the basic conclusion that can be used for settlement. In the road map, the team mentioned that they will focus on three main areas without optimizing the core trading function of the market and upgrading the user experience. As I mentioned in my article, the decentralized derivatives trading platform is given the mission by the market to compete with the centralized derivatives exchange. If you want to compete, you need better token economics and better products, as well as the market that the centralized derivatives exchange does not have. There is something that the market wants again. Token economics has adjusted token economics, distributed the fee income to the verifier and the pledger, and built a potential flywheel. In terms of user experience, I hope to give users better trading feedback by improving the reliability, accuracy and immediacy of trading functions, and at the same time, I am also committed to reducing the entry threshold and ease of use of users, and decentralizing the competitive advantage of derivative trading platforms. Personally, I think the support for long-tail assets is to The main competitive advantage of centralized derivatives trading platform is to build a real-time online platform without governance process and to provide liquidity in addition to token economics and still on the road 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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