According to TechFlow, Binance Research’s latest report explores the field of DeFi derivatives, including the current status and market prospects of on-chain perpetual and options protocols.
It is estimated that by 2030, the total DeFi revenue will reach US$231.2 billion, and decentralized derivatives will become an important part of DeFi.
Crypto-native perpetual futures dominate the market, contributing more than 90% of DeFi derivatives. Although the options industry is still nascent, it has huge growth potential, as evidenced by the emergence of recent innovative protocols.
In the perpetual futures space, dYdX and GMX account for 64.9% of trading volume, and the upcoming releases of dYdX V4 and GMX V2 mark important milestones for both protocols.
The perpetual options market has changed significantly this year, with emerging protocols such as Kwenta, MUX and Level Finance receiving increasing attention. Each protocol has grown significantly, especially Kwenta, which holds 11.6% of the market share. Lyra's annual transaction volume exceeds $580 million, and Dopex and Opyn also maintain significant market share. Ribbon Finance’s Aevo has also attracted attention.
The main difference between protocols lies in the underlying model, such as CLOB-based or AMM-based models. The emergence of centralized liquidity pools has paved the way for the development of a new generation of protocols for the options market.
Layer2 has become the preferred network for DeFi derivatives, with Arbitrum topping the list, and Optimism and zkSync also showing good development prospects.
To compete effectively, decentralized derivatives must prioritize continued innovation in infrastructure, user interface, and UX design.