Top 3 Crypto Derivative Projects
Derivatives are Smart Contracts that get their value, risk, and basic structure from an underlying asset.
Derivatives are Smart Contracts that get their value, risk, and basic structure from an underlying asset. Top Crypto Derivative Projects include:
Synthetix (SNX)
dYdX (DYDX)
GMX (GMX)
1. Synthetix (SNX)
Synthetix is a decentralized "synthetic asset platform". It provides on-chain exposure to real-world currencies, commodities, stocks, and indices.
The synthetic assets, called Synths, are backed by Synthetix Network Tokens (SNX) which are locked into a smart contract as collateral.
Synths track the prices of various assets and enable trading on the Synthetix Exchange without any liquidity limitations.
Website: https://synthetix.io
Token Terminal: https://tokenterminal.com/terminal/projects/synthetix
DeFiLlama: https://defillama.com/protocol/synthetix
CoinMarketCap: https://coinmarketcap.com/currencies/synthetix
2. dYdX (DYDX)
dYdX is a decentralized exchange built on the Ethereum network.
It provides perpetuals, margin & spot trading, and lending & borrowing instruments.
dYdX provides “off-chain order books with on-chain settlement” and enables traders to profit from short-selling tokens, longing with leverage, and earning interest on deposited tokens.
dYdX combines the security & transparency of a DEX with the speed & user-friendliness of a CEX.
Website: https://dydx.exchange
Token Terminal: https://tokenterminal.com/terminal/projects/dydx
DeFiLlama: https://defillama.com/protocol/dydx
CoinMarketCap: https://coinmarketcap.com/currencies/dydx
3. GMX (GMX)
GMX is a "decentralized perpetual exchange" which enables trading of top cryptos, directly from your wallet, with up to 30x leverage. GMX is available on the Arbitrum & Avalanche networks.
The GMX ecosystem comprises 2 tokens - GMX and GLP.
GMX is the utility & governance token, which accrues 30% of the platform's generated fees. GLP is the liquidity provider token, which accrues 70% of the platform's generated fees.
Website: https://gmx.io
Token Terminal: https://tokenterminal.com/terminal/projects/gmx
DeFiLlama: https://defillama.com/protocol/gmx
CoinMarketCap: https://coinmarketcap.com/currencies/gmx