The Evolution of Onchain Derivatives

on YouTube ↗15m

" summary

Traces four generations of onchain derivatives and claims gen three drives explosive scale with dedicated exchange chains and bolt-on EVMs, citing $20B 24h volume, $650B over 30 days, and $14.7B open interest plus an October 10 peak of $80B traded. Names concrete protocols and models: dYdX order-book app chains, GMX GLP AMM liquidity model, Hyperliquid and Lighter exchange chains, Polymarket prediction markets, TradeXYZ RWA perps and the BVIV and EVIV indices on Bloomberg and TradingView.

AI-written summary · about

" chapters (33)

1. 0:00Introduction
2. 0:33Meet Cole and Volmex Labs
3. 0:55Volmex Volatility Indices Overview
4. 1:44What Are Onchain Derivatives
5. 2:10The Pros and Cons of Onchain Derivatives
6. 2:32The Verticals of Onchain Derivatives
7. 2:58The Four Generations Framework
8. 3:20Gen One Pioneers: dYdX, Synthetix, Augur
9. 3:57Why dYdX Was Ahead of Its Time
10. 4:48Synthetix and Early RWA Exposure
11. 5:06Augur as Polymarket Before Polymarket
12. 5:27Gen Two: AMMs and Option Vaults
13. 5:47The GMX and GLP Model
14. 6:21Why AMMs Are Less Scalable Than Order Books
15. 6:42Option Vaults Ahead of Their Time
16. 7:06Gen Three: Hyperliquid, Polymarket, Lighter
17. 7:42Perpetual Futures in 2025
18. 8:08Why Exchange Dedicated Chains Unlock Scale
19. 8:39The Rise of RWA Protocols
20. 9:11Volume and Open Interest by the Numbers
21. 9:46Rivaling Binance and Coinbase
22. 10:08The October 10th All-Time High
23. 10:28RWA Perpetuals and TradeXYZ
24. 10:52The Official S&P 500 Perpetual
25. 11:15FX Perpetuals on Lighter
26. 11:49How the 2024 Election Crossed the Chasm
27. 12:15Reading Markets Instead of Polls
28. 12:37Fed and Asset Price Markets
29. 13:02Volmex Markets on Polymarket
30. 13:21Where Onchain Derivatives Go: Gen Four
31. 13:46The Next Wave of Innovation
32. 14:19Key Takeaways
33. 14:45Closing

" related talks

• 21mExpanding Horizons of DeFi Swap Marketplaces and BeyondSergej Kunz · Pragma Cannes 2025
• 30mIntro to crypto derivativesNikola Krivacevic · DSC Europe 23
• 31mGoing Beyond Swaps: Orderbook DEX and Price ExecutionCharles d'Haussy, Ran Vi, Ryan Kim · Korea Blockchain Week 2023
• 29mDecentralised Exchanges: The Future Of Crypto Trading?Loi Luu, Ronald Bernstein, Maxim Pertsovskiy, Michael Oved, Balazs Deme · TOKEN2049 Hong Kong 2018
• 21mMore Than Swaps: What DEXs Must Build to Flippen CEXsJP Thor, Joseph Poon, MOD Vladimir Velmeshev, Almir Salimov · Korea Blockchain Week 2024
• 16mThe Future of Futures and Options for Crypto ExchangesTim McCourt, Kevin Beardsley, Samuel Bankman-Fried · Consensus 2020
• 19mWhat DeFi Is Evolving! From Primitives to Collateral MarketsMisha Putiatin · Pragma Cannes 2026
• 14mThe Future of DeFi IntentsSergej Kunz · TOKEN2049 Dubai 2024