Researchers in the field of cryptocurrencies from renowned analytical business Delphi Digital offered their opinions on the rivalry in the market for decentralised perpetuals exchanges. These businesses appear to profit from the flight of traders from centralised exchanges.
Synthetix, GMX, who else? Four perps DEXes that should not be overlooked
Vertex Protocol (VRTX), GMX (GMX), Synthetix (DYDX), and Synthetix (SNX) are a few perpetual decentralised exchanges (DEXes) that are worth considering at the beginning of the bullish cycle. In their most recent DYDX Valuation Analysis & DEX Perps Comparison analysis, pseudonymous Delphi Digital analysts @yeak__ and @NotSoAnonJoo reached that conclusion.
In the upcoming months, the category itself might experience significant growth. The first major stimulus for dYdX will come with its transition to a completely decentralised operational architecture. When that occurs, the DYDX token will play a critical role in staking’s protection of the dYdX chain.
In return, dYdX owners will profit from a revenue-sharing system, which might increase the token’s intrinsic appeal to all kinds of investors.
Considering the unique, impartial, and democratic design of the second iteration of the Synthetix protocol, commentators say:
It is the first instance of the peer-to-pool mechanism operating well at scale for both traders and LPs.
The new v2 release of GMX’s protocol gives it every potential to compete with the market leaders.
“FTX collapsed, DEXes were supposed to thrive”
The least well-known of the four leading DEXes highlighted by Delphi Digital researchers is Vertex Protocol. However, the unified cross-margin and the extremely low operations latency make it appear appealing to perpetuals traders.
The experts concluded that even though each of the four protocols has its own “concerns,” they all stand to gain from the demise of FTX and other centralised crypto platforms.
Perpetual DEXes are “showing promise,” according to the research, with the influx of liquidity and the skyrocketing utilisation metrics.
