Question 1

What is dYdX (DYDX)?

Accepted Answer

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.

Question 2

What is dYdX (DYDX) used for?

Accepted Answer

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.

Question 3

Who created dYdX (DYDX)?

Accepted Answer

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.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	DYDX-USDT DYDXUSDT	binance	AA	0.1103USDT	-2.69%	4,124,065.11DYDX	9,271	0.1133USDT	0.1136USDT
2	DYDX-USDT DYDX-USDT	okex	A	0.1103USDT	-2.70%	2,779,449.94DYDX	6,198	0.1133USDT	0.1136USDT
3	DYDX-USDT DYDX_USDT	whitebit	BB	0.1102USDT	-2.84%	1,677,515.09DYDX	9,007	0.1134USDT	0.1137USDT
4	DYDX-USDT DYDXUSDT	bybit	A	0.1103USDT	-2.66%	762,266.20DYDX	1,691	0.1133USDT	0.1136USDT
5	DYDX-USDT DYDX_USDT	gateio	A	0.1103USDT	-2.62%	318,232.00DYDX	1,712	0.1133USDT	0.1136USDT
6	DYDX-USDC DYDX_USDC	whitebit	BB	0.1100USDC	-2.76%	300,675.00DYDX	1,055	0.1131USDC	0.1133USDC
7	DYDX-USDT DYDX-USDT	kucoin	BB	0.1103USDT	-2.99%	269,519.21DYDX	531	0.1137USDT	0.1137USDT
8	DYDX-USDC DYDXUSDC	binance	AA	0.1102USDC	-2.64%	253,850.18DYDX	459	0.1132USDC	0.1133USDC
9	DYDX-EUR DYDX_EUR	whitebit	BB	0.09829EUR	-2.75%	255,108.73DYDX	1,030	0.1010EUR	0.1013EUR
10	DYDX-USD DYDXUSD	kraken	AA	0.1101USD	-2.74%	247,887.26DYDX	96	0.1133USD	0.1133USD
11	DYDX-TRY DYDXTRY	binance	AA	5.52TRY	-1.80%	128,411.25DYDX	153	5.62TRY	5.62TRY
12	DYDX-USD COSMOSDYDX-USD	coinbase	AA	0.1110USD	-1.86%	65,309.94DYDX	99	0.1131USD	0.1133USD
13	DYDX-USDT DYDXUSDT_SPBL	bitget	BB	0.1105USDT	-2.04%	65,425.67DYDX	317	0.1128USDT	0.1135USDT
14	DYDX-USDC DYDX-USDC	okex	A	0.1109USDC	-2.14%	19,783.82DYDX	31	0.1133USDC	0.1133USDC
15	DYDX-EUR DYDXEUR	kraken	AA	0.09906EUR	0.01%	13,722.10DYDX	15	0.09905EUR	0.1004EUR
16	DYDX-USD DYDX_USD	cryptodotcom	AA	0.1101USD	-2.74%	8,640.70DYDX	23	0.1132USD	0.1132USD
17	DYDX-USDT DYDX_USDT	cryptodotcom	AA	0.1080USDT	-3.74%	4,651.40DYDX	4	0.1122USDT	0.1122USDT
18	DYDX-USDC DYDXUSDC	bybit	A	0.1098USDC	-5.47%	4,056.70DYDX	7	0.1161USDC	0.1161USDC
19	DYDX-EUR DYDX-EUR	okex	A	0.09675EUR	-1.53%	756.28DYDX	6	0.09825EUR	0.1013EUR
20	DYDX-USD DYDXUSD	cexio	BB	0.1092USD	-6.77%	425.00DYDX	2	0.1172USD	0.1172USD
21	DYDX-USDC DYDXUSDC	cexio	BB	0.1094USDC	-6.45%	425.00DYDX	2	0.1170USDC	0.1170USDC
22	DYDX-EUR DYDXEUR	cexio	BB	0.09895EUR	-5.03%	387.50DYDX	2	0.1041EUR	0.1041EUR
23	DYDX-USDT DYDXUSDT	cexio	BB	0.1089USDT	-2.29%	125.00DYDX	1	0.1114USDT	0.1114USDT
24	DYDX-USDT DYDX_USDT	coinw	-	0.1104USDT	-2.52%	2,619,171.89DYDX	3,153	0.1132USDT	0.1135USDT
25	DYDX-USDT DYDXUSDT	bitrue	D	0.1100USDT	-2.65%	2,584,848.92DYDX	5,444	0.1130USDT	0.1130USDT
26	DYDX-USDT sDYDXUSDT	phemex	C	0.1103USDT	-2.65%	2,415,319.62DYDX	8,217	0.1133USDT	0.1137USDT
27	DYDX-USDT dydxusdt	huobipro	C	0.1102USDT	-2.65%	2,327,421.57DYDX	4,464	0.1132USDT	0.1135USDT
28	DYDX-USDT dydx_usdt	lbank	C	0.1103USDT	-2.65%	2,044,989.11DYDX	2,987	0.1133USDT	0.1136USDT
29	DYDX-USDT DYDXUSDT	toobit	C	0.1102USDT	-2.73%	1,435,248.09DYDX	10,896	0.1133USDT	0.1136USDT
30	DYDX-USDC DYDXUSDC	bitrue	D	0.1100USDC	-3.51%	1,349,564.66DYDX	36,478	0.1140USDC	0.1150USDC
31	DYDX-USDT DYDXUSDT	mexc	C	0.1103USDT	-2.68%	690,237.02DYDX	3,607	0.1133USDT	0.1136USDT
32	DYDX-USDT DYDX_USDT	bitunix	C	0.1102USDT	-2.68%	637,162.52DYDX	6,907	0.1133USDT	0.1136USDT
33	DYDX-USDT dydx_usdt	xtpub	-	0.1103USDT	-2.70%	553,962.88DYDX	1,904	0.1133USDT	0.1136USDT
34	DYDX-KRW DYDX_KRW	bithumbkorea	-	148.00KRW	-1.99%	529,785.56DYDX	260	151.00KRW	152.00KRW
35	DYDX-USDC DYDXUSDC	mexc	C	0.1101USDC	-2.76%	486,041.70DYDX	2,978	0.1132USDC	0.1135USDC
36	DYDX-USDT DYDX-USDT	bingx	D	0.1103USDT	-2.61%	425,027.95DYDX	5,478	0.1133USDT	0.1134USDT
37	DYDX-USDT DYDX_USDT	bydfi	-	0.1104USDT	-2.56%	378,521.03DYDX	2,838	0.1133USDT	0.1137USDT
38	DYDX-USDT dydx_usdt	digifinex	D	0.1104USDT	-2.65%	105,334.60DYDX	3,521	0.1134USDT	0.1137USDT
39	DYDX-USDT DYDX-USDT	bigone	-	0.1104USDT	-2.65%	100,328.98DYDX	3,161	0.1134USDT	0.1136USDT
40	DYDX-THB THB_DYDX	bitkub	C	3.75THB	-4.33%	21,013.80DYDX	22	3.92THB	3.92THB
41	DYDX-EUR DYDXEUR	bit2me	B	0.09906EUR	0.00%	13,722.10DYDX	15	0.09906EUR	0.1004EUR
42	DYDX-EUR DYDX-EUR	bitvavo	B	0.09749EUR	-1.63%	9,040.36DYDX	13	0.09911EUR	0.1004EUR
43	DYDX-INR DYDXINR	coindcx	-	11.12INR	-4.00%	8,956.96DYDX	50	11.58INR	11.58INR
44	DYDX-BRL DYDX-BRL	mercadobtc	C	0.5500BRL	-3.49%	5,882.71DYDX	10	0.5700BRL	0.5700BRL
45	DYDX-USDC DYDXUSDC	hitbtc	E	0.1155USDC	0.00%	0DYDX	0	0.1155USDC	0.1155USDC
46	DYDX-BTC DYDXBTC	hitbtc	E	0.0₅1400BTC	0.00%	0DYDX	0	0.0₅1400BTC	0.0₅1400BTC
47	DYDX-BTC DYDXBTC	bequant	C	0.0₅1400BTC	0.00%	0DYDX	0	0.0₅1400BTC	0.0₅1400BTC
48	DYDX-USDT SPOT_DYDX_USDT	woo	C	0.1476USDT	0.00%	0DYDX	0	0.1476USDT	0.1476USDT
49	DYDX-USDT DYDXUSDT	hitbtc	E	0.1179USDT	0.00%	0DYDX	0	0.1179USDT	0.1179USDT
50	DYDX-USDT DYDXUSDT	bequant	C	0.1179USDT	0.00%	0DYDX	0	0.1179USDT	0.1179USDT