dYdX V3 vs MUX Perps: Risk & Value Comparison
dYdX V3
MUX Perps
Sector
Derivatives
Derivatives
Risk Score
29/100
27/100
Risk Grade
B-
B
Value Score
40/100
28/100
Value Grade
C-
D+
TVL
$39M
$10M
FDV
$115M
$13M
Mechanisms
6
6
Interactions
5
4
Quadrant
Safe but Stale
Dead Money
Risk Dimension Comparison
Mechanism Novelty/ 15
dYdX V3
0
MUX Perps
0
Interaction Severity/ 20
dYdX V3
6
MUX Perps
5
Oracle Surface/ 10
dYdX V3
5
MUX Perps
5
Documentation Quality/ 10
dYdX V3
2
MUX Perps
4
Track Record/ 15
dYdX V3
3
MUX Perps
2
Scale Exposure/ 10
dYdX V3
5
MUX Perps
3
Regulatory Risk/ 10
dYdX V3
4
MUX Perps
5
Protocol Vitality/ 10
dYdX V3
4
MUX Perps
3
Value Dimension Comparison
Fee Capture/ 25
dYdX V3
10
MUX Perps
8
Token Distribution/ 25
dYdX V3
10
MUX Perps
8
Emission Sustainability/ 25
dYdX V3
8
MUX Perps
5
Competitive Moat/ 25
dYdX V3
12
MUX Perps
7
Verdict
MUX Perps is the safer protocol with a risk score of 27/100 (B) compared to 29/100 (B-).
dYdX V3 has stronger value accrual (C-, 40/100) compared to D+ (28/100).