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dYdX

dYdX

DYDX
#221
$0.1094Down 3.21 percent($0.00)

Key Stats

Market Cap$88.73MDown 3.21 percent
Volume (24h)$2.44M
Fully Diluted Value$109.43M
Vol/Mkt Cap (24h)2.75%
Total Supply1.00B DYDX
Max Supply∞
Circulating Supply810.83M DYDX
Launch Date2023-10-26

dYdX Information

Websites
dydx.exchange
Block Explorers
www.mintscan.io
Industries
DeFi

dYdX Price Converter

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Latest dYdX News

View all
DYDX Token Jumps 7% After Derivatives Exchange Protocol dYdX Starts Buyback Program
Positive

DYDX Token Jumps 7% After Derivatives Exchange Protocol dYdX Starts Buyback Program

Negative

OP, YGG Feeling Sell-Side Pressure as Unlocks Loom

Positive

dYdX Foundation Requests $30M Budget, Pledges to Issue Annual Spending Report

Neutral

DYDX Pumps Ahead of Massive $500M Token Unlock

dYdX Markets

View all
InstrumentExchangeBenchmark DataPrice24h Change
dYdXUSDT logo
DYDX-USDT
DYDXUSDT
binance logobinance
AA
0.1095USDT
-3.30%
dYdXUSDT logo
DYDX-USDT
DYDX-USDT
okex logookex
A
0.1094USDT
-3.30%
dYdXUSDT logo
DYDX-USDT
DYDX_USDT
whitebit logowhitebit
BB
0.1095USDT
-3.29%
dYdXUSDT logo
DYDX-USDT
DYDXUSDT
bybit logobybit
A
0.1094USDT
-3.33%
dYdXUSDT logo
DYDX-USDT
DYDX_USDT
gateio logogateio
A
0.1094USDT
-3.34%

About dYdX

dYdX is a decentralised trading platform at the forefront of DeFi, renowned for introducing decentralised margin trading and derivatives, as well as pioneering flash loans and DEX aggregation in 2018. Built on a custom Layer-1 blockchain using the Cosmos SDK, dYdX delivers a professional-grade, fully decentralised trading experience featuring high leverage, deep liquidity, and low fees. Governed by the DYDX token, the platform is dedicated to creating a transparent, community-driven financial system. In November 2024, dYdX Unlimited launched, introducing instant market listings, the MegaVault liquidity engine, upgraded trading rewards, and lifetime affiliate commissions, setting new standards in decentralised trading.

Frequently Asked Questions

dYdX is a decentralised finance (DeFi) platform that offers advanced trading features, including decentralised margin trading and derivatives. It was one of the first platforms to introduce flash loans and decentralised exchange (DEX) aggregators in 2018. Built on a custom Layer-1 blockchain using the Cosmos SDK, dYdX provides a fully decentralised trading experience with high leverage, deep liquidity, and low fees. The platform is governed by its community through the DYDX token, aiming to deliver a transparent and user-driven financial system.

dYdX enables users to engage in perpetual contract trading with high leverage, allowing speculation on cryptocurrency price movements without expiration dates. Operating under a non-custodial model, it ensures users maintain full control over their assets. In November 2024, dYdX launched "dYdX Unlimited," introducing features such as instant market listings, the MegaVault liquidity engine, revamped trading rewards, and lifetime affiliate commissions, setting a new standard for decentralised trading.

The migration to the dYdX Chain marked a significant evolution for the DYDX token. Initially serving as a governance token on the Ethereum-based dYdX platform (dYdX v3), DYDX has become the native token of a standalone proof-of-stake blockchain network. This transition broadens its functionalities to include staking for network security and active participation in governance.

Key highlights of the migration and expanded utility include:

  • dYdX Chain Adoption: The dYdX community voted to adopt DYDX as the Layer 1 token of the dYdX Chain, transitioning from ethDYDX to a broader role in the new network.
  • Fee Distribution: On the dYdX Chain, all collected fees (trading and gas fees) are distributed to Validators and Stakers, aligning incentives for network security and participation.
  • Gas-less Trading: Trading on the dYdX Chain does not incur gas fees for transactions; only maker and taker trading fees in USDC apply.
  • Genesis Event: The first block of the dYdX Chain was created by Genesis Validators, marking the official launch of the network and the beginning of DYDX's new functionalities within this ecosystem.

This evolution from a governance token to a Layer 1 protocol token underscores the dYdX community's commitment to creating a decentralised and secure platform for advanced trading in the crypto market. The dYdX Chain, built using the Cosmos SDK and leveraging CometBFT for consensus, represents a significant step towards a decentralised financial system where the community plays a pivotal role in shaping the network's future.

dYdX was founded in 2017 by Antonio Juliano, a former software engineer at Coinbase and Uber. The platform was developed to integrate traditional financial tools, such as margin trading and derivatives, into the cryptocurrency market. It has received significant backing from the crypto community and prominent investors, reflecting its pivotal role in the DeFi space.