Arcus chọn Robinhood Chain làm "bố nuôi", dYdX Chain là "bố đẻ" lúng túng tìm cách bù đắp
- Quan điểm chính: Nhóm dYdX ra mắt DEX mới Arcus trên Robinhood Chain, tập trung vào giao dịch không phí cổ phiếu token hóa, gây lo ngại thị trường về việc dYdX Chain và giá trị của token DYDX bị gạt ra ngoài lề, khiến giá DYDX giảm hơn 12%.
- Các yếu tố chính:
- Robinhood Chain chính thức ra mắt mainnet công khai, dựa trên công nghệ Arbitrum, định vị là mạng Layer 2 cấp tổ chức, chuyên về RWA và AI-native.
- Các giao thức hàng đầu như Uniswap, Chainlink, Ethena thông báo tích hợp Robinhood Chain, bao phủ các lĩnh vực cốt lõi như giao dịch, cho vay, oracle.
- Arcus là sàn giao dịch phi tập trung do nhóm dYdX phát triển, cung cấp giao dịch không phí 7×24 giờ cho 95 loại cổ phiếu token hóa và hợp đồng vĩnh viễn trên Robinhood Chain.
- Arcus có kế hoạch phát hành token trong tương lai và sẽ phân bổ một phần cho cộng đồng dYdX, người sáng lập dYdX cho biết dYdX Chain sẽ tiếp tục nhận được hỗ trợ và không ngừng hoạt động.
- Nghi ngờ cốt lõi của thị trường là nếu Arcus tạo ra doanh thu, liệu dYdX Chain và token DYDX có thể chia sẻ sự tăng trưởng giá trị hay không, triển vọng phân bổ nguồn lực không rõ ràng.
Original: Odaily 星球日报 (@OdailyChina)
Author: Asher (@Asher_0210)
Early yesterday morning, Robinhood announced the official launch of its own Layer 2 network, Robinhood Chain, on the public mainnet. Built on the Arbitrum tech stack, the chain is positioned as institution-grade, permissionless, AI-native, and designed specifically for Real World Assets (RWA).
In other words, Robinhood's ambition isn't just to add another chain to the crypto industry, but to integrate stocks, RWAs, lending, trading, and on-chain financial products all within its own infrastructure.
Major platforms entering the scene means key ecosystem players quickly line up.
Leading protocols such as Uniswap, 1inch, Lighter, Morpho, Chainlink, BitGo, Ethena, and EtherFi have successively announced their integration with Robinhood Chain, covering core crypto sectors including trading, liquidity, lending, oracles, custody, and cross-chain functionality.
Overview of Robinhood Chain Ecosystem Projects
However, amidst this ecosystem integration, Arcus, a new DEX launched by the dYdX team, has become the focal point of community discussion.
Community users are raising questions: Is dYdX Labs shifting its focus towards Arcus? Will the original dYdX Chain be sidelined? Can the DYDX token continue to capture protocol value in the future? How will Arcus relate to the dYdX ecosystem?
Affected by these controversies, DYDX has dropped over 12% in the last 24 hours, with its current market cap temporarily standing at $108 million.
DYDX Token 7-Day K-line Chart
What is Arcus? 24/7 Zero-Fee Trading of Tokenized Stocks
Arcus: A Decentralized Exchange Developed by the dYdX Team, Now with an Open Early Waitlist
Arcus is a decentralized exchange developed by the dYdX team, now live on Robinhood Chain, offering 24/7 zero-fee trading for 95 tokenized stocks and perpetual contracts. Arcus supports tokenized trading of stocks, commodities, indices, and crypto assets. All tokenized stocks are issued and redeemable on Robinhood Chain, allowing for self-custody and integration with the DeFi ecosystem.
Arcus x Robinhood: Trade Stocks and Perpetuals Around the Clock
Currently, Arcus has opened its early waitlist (link: https://waitlist.arcus.xyz/). Users can complete the interaction by linking their personal X (Twitter) account and wallet.
Arcus Early Waitlist Now Open
Furthermore, Arcus plans to support tokenized stocks and crypto assets as collateral for perpetual contracts in the future, and will offer pre-IPO trading for popular private companies like OpenAI.
Future Arcus Tokens Will Be Allocated to the dYdX Community
At first glance, the DEX Arcus developed by the dYdX team is capitalizing on this year's crypto narrative: tokenized stocks. However, the issue is that Arcus is not deployed on the dYdX Chain; instead, it operates on Robinhood Chain, advancing as an independent product with independent infrastructure. This means dYdX Labs is telling a new growth story, but this story does not place the dYdX Chain and DYDX token at its core.
More subtly, dYdX founder Antonio Juliano stated in the latest dYdX documentation that "a portion of future Arcus tokens will be allocated to the dYdX community." While intended to appease the existing community, this statement directly amplified expectations for the Arcus token launch, leading many users to pay closer attention to potential new airdrop opportunities.
Arcus Token Allocation to dYdX Community
Considering that dYdX once conducted one of the largest airdrops in the industry, if Arcus launches trading incentives, points events, or early user programs, it could attract a portion of traders and liquidity to the new platform. For the dYdX Chain, this means its already pressured trading volume and activity could face further fragmentation.
dYdX Founder Responds: Arcus is a New Product, dYdX Chain Will Not Halt
Responding to community concerns, dYdX founder Antonio Juliano explained in a post that the dYdX Chain has historically been deeply decentralized, featuring an open-source architecture, community governance, over 200 markets, and more than 50 validators running the order book.
However, he also acknowledged that this path came with trade-offs in performance and user experience. As competition in on-chain derivatives intensifies, the market is rewarding faster, simpler, and more liquidity-concentrated trading platforms. Arcus was born in this context.
Additionally, Antonio stated that Eddie Zhang will serve as CEO and Founder of Arcus, while he himself will join the board, overseeing strategy and long-term vision. In other words, Arcus is not a new feature on the dYdX Chain, but a separate new trading platform pursued by dYdX Labs.
For the existing community, Antonio stated that dYdX v4 will continue to receive support, and user funds and positions will remain accessible on the dYdX Chain. If Arcus issues a token in the future, a portion will be reserved for the dYdX community, with priority given to users who have previously participated in dYdX trading, staking, validation, and community building.
Subsequently, the dYdX Foundation further emphasized that Arcus is an independent product built on independent infrastructure, and the dYdX Chain will not be affected. DYDX remains the governance and staking token of the dYdX Chain, and its mechanics, supply, and operational characteristics remain unchanged. Currently, there are no token swap or migration arrangements.
However, the market's concern is not just about "whether the dYdX Chain can still be used."
The real question is, if Arcus generates significant trading volume and revenue in the future, will the dYdX Chain share in that growth? If Arcus launches a new token, what rights will DYDX holders have? How will dYdX Labs allocate subsequent resources between Arcus and the dYdX Chain?
Until these value-capture questions are clearly answered, Arcus is a new story for dYdX Labs, but for DYDX holders, it looks more like a puzzle waiting to be solved.
