To assess whether the reduction in the number of rewards has impacted the overall trading volume, I would like to compare the changes in trading volumes for the BTC and ETH pairs on Binance and major DEX perp exchanges.
I focused exclusively on these pairs to eliminate the influence of other trends such as meme coins. Furthermore, these pairs constitute the majority of the trading volume on dydx.
I’ve excluded Level Finance from the table under consideration, given the widespread belief that it predominantly involves wash trading.
I have used data from Epoch20 onwards, as the dydx API does not provide data prior to February 14, 2023.
The data being compared represents the average daily trading volume for the respective pair over the corresponding period
As everyone can observe, dydx is even falling behind Binance, despite the current market trend favoring DEX in terms of volume.
GMX and especially Kwenta are showing much stronger metrics.
The reduction in token issuance was supposed to positively influence the market evaluation of the token, yet we are witnessing the opposite effect.
Last but not least, Epoch 23 has seen a significant decline in trading volume. I understand that information is still insufficient at this point, but I will share a comparison of Epoch 23 with Epochs 20-22 across all exchanges
It appears to me that an account that was receiving up to 30% of rewards has left dydx.
However, we will be able to state this with certainty at the end of the epoch
Perpetual DEXs Insights (GMX, Perp, Kwenta, GNS) (dune.com)