dYdX is the most popular decentralized perpetual exchange today. We have written about them extensively here and Cumberland has put out a note covering v4 and its first mover advantage. In short, they have their v4 launch coming in the fall of 2023 which is a huge catalyst across many things - such as scalability, decentralization, and MEV. For the scope of this report, we will solely focus on the role of the DYDX token from an on-chain perspective.
V4 is expected to launch at the end of September in 2023, just shy of 2 months at the time of writing. We...