#监管政策与市场影响 dYdX launches spot trading on Solana, a move worth paying attention to. From a regulatory perspective, the platform intends to avoid the restrictions on perpetual contracts for US users by starting with spot trading, indicating that they have thoroughly assessed the attitudes of the SEC and CFTC — a pragmatic choice.

Key information: Spot trading risks are relatively controllable, and US regulators have a higher tolerance for it. While waiting for policy signals on perpetual contracts, dYdX maintains US user activity and trading volume through spot products. From a capital flow perspective, there has always been demand for spot trading in the Solana ecosystem, which will attract some US users who are blocked from perpetual contracts.

What to watch for: the scale of US user inflow, the depth of trading pairs in spot trading, and whether other trading pairs will be launched later. Also, whether the SEC’s attitude towards spot trading will influence the timeline for dYdX’s subsequent launch of perpetual contracts. Regulatory boundaries are gradually becoming clearer, but there is still a lot of gray area. dYdX’s move is essentially a test within these boundaries.