Disclosure: Delphi Ventures has invested in Alpha, Vega and Solana. Our team has also done consulting work for Perpetual Protocol, Alpha and Synthetix in the past. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice. 

Key Takeaways:

  • Volume for BTC and ETH perpetual swaps is well-over $2 trillion per month now. Even if DeFi growth stagnates, which we believe is unlikely, the total addressable market for decentralized derivatives is extremely high given the current size of the centralized crypto derivatives markets.
  • When assessed on the criteria of scalability, security and capital efficiency, we found dYdX to be the standout. With the upcoming launch of its L2 solution built by StarkWare, it will have throughput magnitudes higher than is currently possible on L1 while, at the same time, offering similar security guarantees to the Ethereum base layer. Cross-margining of collateral will be possible, enhancing the platform’s capital efficiency and giving traders functionality they’ve come to expect.
  • Perpetual Protocol is another project worth highlighting given its unique twist on an AMM-based design and strong growth YTD. It’s currently live on xDAI, a “sidechain&#

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