In the comment section of $DYDX , someone mentioned dYdX, which is quite representative. What is the current situation of this former leader in on-chain contracts? Let's continue to use AI analysis tools to take a look.

dYdX, an old project from 2017, was initially built on the Ethereum chain and later constructed its own chain using Cosmos SDK technology. During the dYdX airdrop, both trading volume and price skyrocketed, enjoying a brief period of glory, but now, times have changed.

From the official website, we can see that in the past 24 hours, the total contract trading volume was 330 million. In comparison, hyperliquid has a trading pair of only BTC, with 5-6 billion, which is nearly 20 times that of dYdX. However, I checked, and GMX's trading volume is just over 200 million, so compared to that, dYdX's trading volume is still relatively acceptable.

Overall, I personally rate dYdX quite low. Firstly, dYdX's market capitalization still exceeds 400 million, but the on-chain perpetual contract market has lost its leading position, with hyperliquid currently holding over 80% of the market, indicating that the perpetual market is a field with significant head effect. Therefore, I do not recommend investing in dYdX anymore.

For friends who already hold dYdX, considering that dYdX currently allocates 100% of its protocol income (distributed to node stakers, liquidity providers, and the treasury), there is a certain degree of user stickiness. At the same time, the current trading volume has not significantly shrunk, and there are also ongoing trading incentive activities recently. Therefore, this round of market conditions can still be expected, but do not have overly high expectations, and long-term holding is not recommended. As for the price, currently at 0.5, without considering speculation, it is suggested to gradually sell when it exceeds 1 dollar, and if it reaches 2 dollars, it is recommended to sell off completely.

The above is my personal opinion and is for reference only. I will analyze more individual coins in the near future, so feel free to leave comments about coins you are interested in.