AN UPDATE ON THE ON-CHAIN DERIVATIVES SECTOR

Summary from the TLDR Crypto newsletter

This Twitter thread highlights how the DeFi sector is becoming more and more competitive as user adoption increases. Decentralized exchanges, despite doing only 2% of CEX trading volume, are generating billions in volume daily. GMX, one of the leading players, is losing market share amid rising competition. Its v2 launch's success will be vital. Synthetix is the largest protocol, but it has a suboptimal revenue model. Meanwhile, Gains is an undervalued project, while Level and Perp show less potential. MUX stands out as an interesting up-and-coming protocol based on its metrics and early traction.