Long dYdX signal by On God

Bearish Thesis on dYdX (DYDX) dYdX faces a challenging outlook as perpetual DEX competition intensifies, with rival protocols competing aggressively for liquidity, users, and trading volume. Lower market share growth could reduce protocol revenue and weaken demand for the DYDX token. 0 The token also remains exposed to broader crypto market volatility. If Bitcoin and altcoins enter a risk-off phase, speculative derivatives trading activity may decline, reducing fees generated by the platform a