$DPX
Governance token: users have to lock DPX, thus receiving veDPX, the token with the governance rights. This includes being able to change rewards rebates for SSOVs, SSOV DPX emissions distribution, and the strike threshold for options.

$rDPX
Rebate token: issued to options writers if they incur losses via their options expiring ITM. This rebate is issued in the form of dbrDPX which is decaying bondable rDPX. Writers have to bond this along with ETH if they want to recover the loss

$DPX
Ownership:
Options buyers pay a service fee, which gets converted to DPX and distributed to veDPX holders

Arbitrage
When dpxETH de-pegs to <0.85 ETH users who hold >1k veDPX can perform arbitrage via the Peg Stability Module

$rDPX
Bonding:
Required to mint dpxETH via bonding, meaning that its demand is tied to the demand for dpxETH

Strong holdability
Since rDPX never hits the market and gets burned along with bonding, it has an attractive supply/demand dynamic

The value created by Dopex finance lies in its decentralised crypto options exchange that enables traders to speculate on an asset's price level without owning it. This reduces trading risk and allows traders to hedge against market volatility. Dopex offers a secure and transparent platform for trade execution, eliminating the need for intermediaries. With blockchain technology, users have complete control over their funds and trading activities, as well as fast settlement times and liquidity.

Value accrual to token:
$rDPX is issued in dbrDPX and uses a favourable burn mechanic, while being linked to DPX-ETH minting, mapping Dopex's product demand.
veDPX (locked DPX) has a less appealing value accrual profile due to governance utility

Value accrual to the protocol:
Bonding results in the accrual of PoL to the treasury, providing a sustainable source of funding for future development and growth.

The business model for Dopex Protocol:

Revenue comes from:
Dopex allows users to bond assets in order to mint dpxETH (synthetic ETH). These bonded assets are handed off to the Liquidity Provider Module where some assets get directed to the permissioned AMM and the rest go back to the Treasury as PoL.
5% sell-side fee on rDPX charged in ETH from the permissioned AMM
Trading fees from the permissioned AMM

Revenue is denominated in: 
ETH

Revenue goes to:
Treasury for both the sell-side fee and trading fees
Liquidity Provider Module for assets directed to the permissioned AMM