Among decentralized perpetual trading projects, DYdX is the first big brother. Since the project's inception in 2017, DYdX has stood out in terms of both 24-hour trading volume and daily active users by employing an order book model that provides users with a comprehensive range of features, including lending, leveraged trading and perpetual contracts. Early in this cycle, it was certainly the center of market attention. But since the beginning of the year, Dydx's growth has become increasingly overwhelming. Both its protocol revenues and token price are in serious decline and are gradually being caught up by the later Perp DEX. Details of Dydx's specific fundamental changes can be found by reviewing our previous article: Is the DeFi Industry Overvalued Today in Terms of P/E Ratio?