Synthetix

Vertex Protocol

dYdX (ethDYDX)

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Cryptocurrency researchers from leading analytical firm Delphi Digital shared their thoughts about the competition in the decentralized perpetuals exchanges segment. It looks like these services benefit from trader exodus from centralized exchanges. 
<h2 id="synthetix-gmx-who-else-four-perps-dexes-that-should-not-be-overlooked">Synthetix, GMX, who else? Four perps DEXes that should not be overlooked</h2> 
DYdX (DYDX), Synthetix (SNX), Vertex Protocol (VRTX) and GMX (GMX) are among perpetuals decentralized exchanges (DEXes) that are worth looking at in the starting bullish cycle. Pseudonymous Delphi Digital analysts who go by @yeak__ and&nbsp;@NotSoAnonJoo on Twitter made that conclusion in their recent&nbsp;DYDX Valuation Analysis &amp; DEX Perps Comparison <a href="https://members.delphidigital.io/reports/dydx-valuation-analysis-dex-perps-comparison#introduction-95b9" rel="noopener noreferrer nofollow">report</a>. 
<blockquote class="twitter-tweet"> 
 1/14 DEX perps have a ton of momentum right now.Major releases and a rapidly expanding design space suggest sector-wide progress is imminent, but who will emerge the winner?In our recent report, <a href="https://twitter.com/NotSoAnonJoo?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@NotSoAnonJoo</a> &amp; I went deep on our top 4 perps projects for the next chapter🧵 <a href="https://t.co/vE9gGTh410" rel="noopener noreferrer nofollow">pic.twitter.com/vE9gGTh410</a>— jordan (@yeak__) <a href="https://twitter.com/yeak__/status/1690092544145715200?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 11, 2023</a> 
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The segment itself might gain a lot of momentum in the coming months. To start with, dYdX will have a huge catalyst when it migrates toward a fully decentralized model of operations. Once this happens,&nbsp;the DYDX token will be of paramount importance in securing the dYdX chain through staking. 
In turn, dYdX holders will benefit from a revenue sharing mechanism, which can make the fundamentals of the token more attractive for all types of investors. 
The second iteration of the Synthetix protocol might look bright to the community thanks to its innovative, fair and democratic design, the analysts say: 
<blockquote> 
 It is the first example of the peer-to-pool model working sustainably for both traders &amp; LPs at scale 
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Meanwhile, GMX has all chances to compete with the leaders thanks to the recent v2 release of its protocol. 
<h2 id="ftx-collapsed-dexes-were-supposed-to-thrive">"FTX collapsed, DEXes were supposed to thrive"</h2> 
Vertex Protocol is the less known of all four top DEXes mentioned by Delphi Digital analysts. However, it looks attractive to perpetuals traders thanks to the unified cross-margin and the ultra-low operations latency. 
While all four protocols have their own "concerns," they are still beneficiaries of FTX and other centralized crypto platforms collapsing, the analysts concluded. 
With the inflow of liquidity and the rocketing usage metrics, perpetuals DEXes are "showing promise," the report says.

Top Derivatives DEXes for Next Rally Indicated by Analysts

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