Long Push: Overview of Decentralized Perpetual Contract Trading Market Data

2023/04/26 15:15
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Perpetual Contract Decentralized Exchanges (Perp DEXes) are popping up like mushrooms, let’s take a look at some advanced statistics in the Perp DEX space. I gather most of the data from the protocol stats page / Dune dashboard. Thanks @JamesCliffyz for the great overview https://dune.com/shogun/perpetu al-dexs-overview…

Perpetual contracts

From November/December 2022 to February/March 2023, the total transaction volume of selected protocols has more than doubled on average. While @GMX_IO dominates the market in 2022, volumes in 2023 are scattered. However, GMX also doubled its transaction volume on average, and the industry as a whole showed strong growth.

@GainsNetwork_io is clearly gaining some market share in early 2023 after @arbitrum 's launch (57% strongest day among their chosen protocols). It took only two weeks for them to launch on ARB, replacing Matic as the transaction network of choice.

Just recently, two relatively new protocols joined the game. @vela_exchange and @Level__Finance . While transactions on Vela are currently suspended, $LVL is showing strong, consistent growth in transaction volume and fees. Most other transactions happen on @binancechain and @arbitrum dominates the volume.

Perpetual contracts

@Kwenta_io/@synthetix_io dominate volume on @optimismFND. It will be interesting to see how this develops with the upcoming Optimism Bedrock upgrade and a more competitive network with Arbitrum Nitro. Another protocol to keep an eye on is @PikaProtocol.

As the first protocol to have its own Liquidity Provider on Arbitrum and trade via other perpetual DEXs, @muxprotocol stands out from the growth of the entire industry. It will be interesting to see @UniDexFinance's upcoming aggregator also enter the fray.

Perpetual contracts

With the launch of V4, @CapDotFinance has also managed to attract ~5% market share in the DEX perpetual contract space, offering a variety of crypto and non-crypto trading pairs.

An interesting statistic is the number of daily active users of the platform. @GMX_IO clearly dominates here, despite no additional token offerings for traders ($LVL, $KWENTA, etc.) or AirDrop potential (@rage_trade).

Perpetual contracts

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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