01 /
Brief
Decentralized perpetual exchange. 200+ markets via cross-chain infrastructure (Ethereum, Base, Arbitrum, Polygon, Avalanche, Optimism). Lost share to Hyperliquid (now ~3% of decentralized perp market, down from leader position in 2024).
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Equities, Commodities
- Analytics
- defillama.com/protocol/dydx
03 /
Connections
Who they build with, build on, integrate with.
Tension
Direct competition or overlapping market position.
