Comparing Perp DEX protocol: GMX, Gains, dYdX…Comparing Perp DEX protocols: GMX, Gains, and dYdX...
Cryptocurrency KOL MooMs believes that Perp DEX will lead the next bull market, and has compared the fee structures, metrics, growth rates, etc. of different protocols such as GMX, Gains, dYdX, Synthetix, Level Finance.
1) GMX offers zero slippage swaps and margin trading for the GLP pool by allowing users to trade against it. GLP is a basket of assets that includes BTC, ETH, UNI, LINK, and four stablecoins. The huge advantage of this model is its composability; some protocols are starting to create investment products that utilize GLP and its yield to generate additional returns. Although the platform only offers four currency pairs, the upcoming v2.0 (possibly this summer) will introduce synthetic markets, offering a variety of new currency pairs, including stocks and forex. Additionally, separate pools and lower fees will be introduced for a better trading experience. Leverage: Crypto: 50x.
2) Gains provides a trading platform with multiple asset classes and high leverage. The platform uses gDAI vaults as counterparties, where DAI is continuously minted/burned. When traders win, their winnings will be received from the vaults. When traders lose, their losses will be sent to the vaults. Similar to GMX, Gains’ model is highly composable, allowing other protocols to integrate gDAI and build products on top. Leverage: Crypto: 150x; Commodities: 150x/250x; Forex: 1000x.
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3) dYdX was the first permanent DEX to offer leveraged trading for 36 crypto pairs (up to 20x). dYdX is the only platform that uses an off-chain order book, sacrificing decentralization for deep liquidity. However, the team is working hard to release v4 soon. dYdX v4 will launch on its own Cosmos blockchain, aiming to make the protocol fully decentralized. The new version will also introduce a highly anticipated feature: revenue sharing.
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