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![JaviLopezDiaz_ Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::2163320070.png) Javilo [@JaviLopezDiaz_](/creator/twitter/JaviLopezDiaz_) on x 1585 followers
Created: 2025-07-21 11:19:04 UTC

🧵 DYDX deep guide for winners

Forget the “DEX vs CEX” meme; @dYdX is quietly morphing into a Binance-grade perp engine that you run from a wallet. 

Grab a coffee, let’s unpack the tech, the token, the money flows, and the 2025 roadmap.

✔️ What is dYdX now?

After five iterations it’s a sovereign Cosmos-SDK L1 (dYdX Chain) with an off-chain order book + on-chain settlement. 

Result: CEX-like speed, self-custody security. Daily stats still dwarf the rest of Cosmos perps: $XXX M XX h volume, $XXX M open interest, XXX markets. 

✔️ Battle scars count

Since 2021, traders have pushed $XXXX T lifetime volume through the protocol, surviving the 2022 blow-ups and 2024 crab markets. 

✔️ The tech arc

• v1–v3: Ethereum smart contracts → StarkEx L2
• v4 (Oct-2023): full L1, XX validators, IBC native
• 2025+: XX % faster txs, Ethereum spot bridge, any-asset listing, new mobile UI. 

✔️ Real yield, not headline APY

Fees are paid XXX % in USDC, auto-streamed to stakers. 

Avg network reward in 2024: XXXX % (net of validator cut). 

✔️ Where those fees come from

• Chaos Labs’ Surge Season X review:
• $XXX B volume in XX days
• $XXX M OI (+8 %)

$XX M cumulative fees to stakers since chain launch
That’s real cash, not printed inflation. 

✔️ Token-utility trident

1️⃣ Security – dYdX Chain is delegated-PoS collateral; slashable.
2️⃣ Fee share – all proto fees → stakers in USDC.
3️⃣ Governance – validators + holders vote on DRCs (parameter tweaks) & DIPs (code).

Last week’s vote had XX % turnout, XX % “Yes”. CEXs dream of that engagement. Blockchain News

✔️ Supply map & unlocks

• X B total minted (Aug 2021)
• ~50 % circulating after the chain migration
• Next unlock: XXXX M DYDX (0.47 %) on X Aug 2025. 

Vester cliff schedule winds down fully in Q3-2026, no perpetual emissions. 

✔️ Buybacks = token sink

Since Mar XX 2025, XX % of net fees buy @DYDX monthly (proposals on the table to scale to XXX %). 

Market-buy then stake, so float keeps shrinking while yield compounds. 

✔️ Validator game theory

Foundation just re-delegated X M $DYDX to tighten stake distribution across mid-tier node, fewer whales, more resilience. 

Expect more “stick diplomacy” (slash rules, MEV policies) in 2025. 

✔️ Incentives ≠ Ponzinomics

Surge Seasons are capped, transparent trading-point rewards (no emission spigot). 

Season X volumes dipped XX % yet OI and active traders climbed; evidence that the exchange can stand after the candy stops.
dYdX’s edge: CEX-style order book + organic USDC yield.

✔️ 2025 Catalysts to watch

Ethereum spot bridge (capital efficiency → new users)

• “Trade Anything” engine (synthetics, RWAs, options)
• Validator set shrink (60 → 50) = higher staking APR
• Buyback ratio hike (25 → XX → XXX %)
• Front-run the governance threads, not the headlines.

✔️ Risks (call them what they are)
Liquidity wars: CEXs & on-chain perps will match fees.

• Reg-drag: Perp DEXs are in every policymaker’s cross-hairs.
• Cosmos fragmentation: IBC exploits, cross-chain UX friction.
• Bridging sunset: Ethereum wethDYDX bridge ends June-2025—any laggards could create supply overhang (arbitrage). 

✔️ My take

DYDX today isn’t a speculative farm token; it’s a cash-flow asset secured by a validated order book that already does mid-nine-figure daily volume.

If L1s are nation-states, dYdX is Wall Street.

✔️ How I’m positioning

• XX % core stack staked (capture USDC flow)
• XX % liquid for governance & LPing once spot bridge opens
• XX % dry powder to ape Surge Seasons / buyback dips

gDydx

![](https://pbs.twimg.com/media/GwYI7dTXkAA79dM.png)

XX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947254998728880168/c:line.svg)

**Related Topics**
[onchain](/topic/onchain)
[l1](/topic/l1)
[roadmap](/topic/roadmap)
[money](/topic/money)
[token](/topic/token)
[perp](/topic/perp)
[cex](/topic/cex)

[Post Link](https://x.com/JaviLopezDiaz_/status/1947254998728880168)

[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

JaviLopezDiaz_ Avatar Javilo @JaviLopezDiaz_ on x 1585 followers Created: 2025-07-21 11:19:04 UTC

🧵 DYDX deep guide for winners

Forget the “DEX vs CEX” meme; @dYdX is quietly morphing into a Binance-grade perp engine that you run from a wallet.

Grab a coffee, let’s unpack the tech, the token, the money flows, and the 2025 roadmap.

✔️ What is dYdX now?

After five iterations it’s a sovereign Cosmos-SDK L1 (dYdX Chain) with an off-chain order book + on-chain settlement.

Result: CEX-like speed, self-custody security. Daily stats still dwarf the rest of Cosmos perps: $XXX M XX h volume, $XXX M open interest, XXX markets.

✔️ Battle scars count

Since 2021, traders have pushed $XXXX T lifetime volume through the protocol, surviving the 2022 blow-ups and 2024 crab markets.

✔️ The tech arc

• v1–v3: Ethereum smart contracts → StarkEx L2 • v4 (Oct-2023): full L1, XX validators, IBC native • 2025+: XX % faster txs, Ethereum spot bridge, any-asset listing, new mobile UI.

✔️ Real yield, not headline APY

Fees are paid XXX % in USDC, auto-streamed to stakers.

Avg network reward in 2024: XXXX % (net of validator cut).

✔️ Where those fees come from

• Chaos Labs’ Surge Season X review: • $XXX B volume in XX days • $XXX M OI (+8 %)

$XX M cumulative fees to stakers since chain launch That’s real cash, not printed inflation.

✔️ Token-utility trident

1️⃣ Security – dYdX Chain is delegated-PoS collateral; slashable. 2️⃣ Fee share – all proto fees → stakers in USDC. 3️⃣ Governance – validators + holders vote on DRCs (parameter tweaks) & DIPs (code).

Last week’s vote had XX % turnout, XX % “Yes”. CEXs dream of that engagement. Blockchain News

✔️ Supply map & unlocks

• X B total minted (Aug 2021) • ~50 % circulating after the chain migration • Next unlock: XXXX M DYDX (0.47 %) on X Aug 2025.

Vester cliff schedule winds down fully in Q3-2026, no perpetual emissions.

✔️ Buybacks = token sink

Since Mar XX 2025, XX % of net fees buy @DYDX monthly (proposals on the table to scale to XXX %).

Market-buy then stake, so float keeps shrinking while yield compounds.

✔️ Validator game theory

Foundation just re-delegated X M $DYDX to tighten stake distribution across mid-tier node, fewer whales, more resilience.

Expect more “stick diplomacy” (slash rules, MEV policies) in 2025.

✔️ Incentives ≠ Ponzinomics

Surge Seasons are capped, transparent trading-point rewards (no emission spigot).

Season X volumes dipped XX % yet OI and active traders climbed; evidence that the exchange can stand after the candy stops. dYdX’s edge: CEX-style order book + organic USDC yield.

✔️ 2025 Catalysts to watch

Ethereum spot bridge (capital efficiency → new users)

• “Trade Anything” engine (synthetics, RWAs, options) • Validator set shrink (60 → 50) = higher staking APR • Buyback ratio hike (25 → XX → XXX %) • Front-run the governance threads, not the headlines.

✔️ Risks (call them what they are) Liquidity wars: CEXs & on-chain perps will match fees.

• Reg-drag: Perp DEXs are in every policymaker’s cross-hairs. • Cosmos fragmentation: IBC exploits, cross-chain UX friction. • Bridging sunset: Ethereum wethDYDX bridge ends June-2025—any laggards could create supply overhang (arbitrage).

✔️ My take

DYDX today isn’t a speculative farm token; it’s a cash-flow asset secured by a validated order book that already does mid-nine-figure daily volume.

If L1s are nation-states, dYdX is Wall Street.

✔️ How I’m positioning

• XX % core stack staked (capture USDC flow) • XX % liquid for governance & LPing once spot bridge opens • XX % dry powder to ape Surge Seasons / buyback dips

gDydx

XX engagements

Engagements Line Chart

Related Topics onchain l1 roadmap money token perp cex

Post Link

post/tweet::1947254998728880168
/post/tweet::1947254998728880168