Davos.xyz USD (DUSD)

Trading contracts on-chain, the most inhuman step is always the post‑trade accounting.

Watching the green profit rates on the front end.

But the result is many deductions (slippage, funding rates taken from both sides, various hidden frictions).

The actual amount received never matches.

The worst part is that most Perps DEXes now tightly hide users' real historical transaction flow.

Trying to generate a complete table for audit is harder than climbing to heaven.

The platform isn’t stupid; they simply don’t want you to easily calculate how much toll you have paid.
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So when I saw @StandX_Official’s backend suddenly throw out a one‑click export full history (CSV/JSON) button today,

I was a bit surprised.

It provides entry‑exit points, each funding rate deduction,

and the real DUSD interest details (currently 2.52%) without omission,

handed over entirely to the user.

This is a very basic feature in traditional software,

but in the increasingly black‑box DeFi space,

it’s basically crushing competitors’ livelihood.
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A platform that dares to expose retail users’ transaction flow so bluntly

usually has absolute confidence in its own mechanism friction.

I casually pulled their on‑chain data for today:

- DUSD TVL is approaching $100 million
- 24‑hour trading volume $560 million

Being able to achieve liquidity at this scale

indeed means they no longer need to hide assets to prevent capital flight.
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This feature has no effect on market making,

but for traders who actually roll large capital inside,

a platform that lets you check old accounts anytime and export for risk‑control models

is much more reassuring than daily airdrop announcements.

In this circle full of scythes, whether you made profit or not, first we need to calculate clearly.

Note: The above content is for reference only, purely personal opinion, not any investment advice, DROY!!!

Today morning I saw StandX’s on‑chain data, the OI/TVL ratio is already close to 80%

This figure is relatively high on the Perps DEX track

It’s worth dissecting the underlying mechanism design
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➢ The logic of traditional Perps DEXs:

You deposit $USDC or $ETH as margin

It just sits there, waiting for you to open a position

If you don’t trade, it’s dead capital

Like money in your bank account, unless you actively buy a financial product, it only depreciates
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➢ @StandX_Official changed this underlying logic:

What you deposit is not a regular stablecoin, but $DUSD (their own certificate)

From the moment $DUSD enters the protocol, it automatically participates in two activities:

- Spot staking: earning interest

- Funding rate arbitrage: arbitraging funding rates

Put in plain language: your margin is earning money while on standby
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➢ Latest on‑chain data (April 7, 2026):

▪️ DUSD TVL: $99.84M
▪️ DUSD holders: 234,773
▪️ 24H Perps trading volume: $769.62M (recently showing clear recovery)
▪️ Open Interest (OI): $80.14M

What does this OI/TVL = 80% represent?

It means 80% of the funds in the protocol are “working”

They are not just lying in an account waiting for you to remember them; they are both used as margin and simultaneously earning through arbitrage and staking

This is what they say:

We stand with traders who demand capital efficiency
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➢ Market background of this design:

In the current market, many Perps protocols still rely on subsidies or incentives to attract volume

Users rush in, claim the airdrop and leave; TVL appears inflated, but real trading volume is weak.

StandX’s differentiated approach is: no airdrops, but letting funds automatically participate in yield generation

The mainnet campaign’s core is to encourage earning real yield from Day 1

Subsidy models can quickly boost numbers in the short term, but their long‑term sustainability is doubtful

The risk of the StandX model is that early users face higher acquisition costs and a harder cold start
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➢ Risks to note:

▪️ Concentrated liquidation risk
80% high OI/TVL means most funds are in use; if the market swings sharply, liquidation pressure will increase

▪️ Revenue source dependence
Automatic yield ultimately comes from funding rate and staking, both of which are influenced by market conditions

▪️ Liquidity of $DUSD
As an endogenous asset of the protocol, $DUSD’s secondary market liquidity and ...