The live price of dYdX is - per (DYDX / USD) with a current market cap of $500.51M USD. 24-hour trading volume is - USD. DYDX to USD price is updated in real-time. dYdX is -% in the last 24 hours with a circulating supply of 776.58M.
| Date Comparison | Amount Change | % Change |
|---|---|---|
| Today | - | 0% |
| 30 Days | - | 0% |
| 60 Days | - | 0% |
| 90 Days | - | 0% |
dYdX was initially launched as a Layer 2 decentralized exchange (DEX) on the Ethereum network. In 2023, it migrated to the Cosmos ecosystem, reflecting its commitment to building a decentralized trading environment. This strategic shift aims to reduce transaction fees, improve scalability, and enable faster transaction processing—delivering a more efficient and cost-effective trading experience to meet evolving user demands.
The dYdX Chain was launched on October 26, 2023, with the creation of its genesis block, marking the beginning of a new era for the platform. This Proof-of-Stake (PoS) blockchain is built using the Cosmos SDK and CometBFT consensus engine, with DYDX serving as the native Layer 1 token. The adoption of DYDX as the main token was decided through community voting, highlighting its critical role in staking, network security, and governance—further supporting the platform’s transition to a community-driven decentralized framework.
The wethDYDX smart contract plays a key role in transferring the ethDYDX governance token from Ethereum to the dYdX Chain. This step is essential to strengthen the governance functionality of the dYdX Layer 2 protocol ("dYdX v3") and align it with community expectations and the broader network infrastructure goals.
dYdX offers leveraged trading, perpetual contracts, staking rewards, and liquidity mining incentives. It aims to reduce trading fees in DeFi, enhance settlement speed, and enables DYDX token holders to participate in governance.
As a Layer 2 decentralized exchange, dYdX utilizes Ethereum smart contracts to create a range of crypto asset financial products. DYDX is the governance token of the dYdX exchange.
This open-source trading platform supports perpetual contracts, margin trading, and advanced lending features to ensure fast execution, security, and transparency. It also offers programmatic trading and helps traders build their own bots on dYdX.
In 2020, the fully non-custodial protocol implemented a Layer-2 solution (zk-rollups) in partnership with blockchain technology developer StarkWare. With StarkWare’s scalability engine StarkEx, perpetual contracts on the exchange are powered efficiently. As a result, purchasing power increased by 25 times, and traders no longer need to pay gas fees for each trade.
The integration of StarkWare and dYdX enabled the addition of more trading pairs, improved capital efficiency, and allowed trading with lower margin requirements.
Liquidity on the dYdX exchange primarily comes from staking pools. There are two types: the Safety Pool and the Liquidity Pool. Both provide liquidity and support the creation of new markets on the Layer-2 protocol.
Users continue to earn staking rewards proportional to their share in the pool. The platform also incentivizes long-term DYDX holders with trading rewards and fee discounts.
The total supply of DYDX tokens is 1 billion, to be distributed over five years. A fixed long-term inflation rate of 2% annually is enforced through governance proposals.
All DYDX token holders can participate in governance to propose changes to the Layer 2 protocol. For example, holders can decide on staking pool distributions and set risk parameters, adding more utility to the DYDX token.
50% of the total DYDX token supply will go to the community, including traders, liquidity providers, and stakeholders. The remaining tokens are allocated to past investors and the dYdX Foundation team members.
The staking and governance utilities of the token contribute to the growth of DYDX’s value.
Antonio Juliano is the founder and CEO of dYdX. After graduating with a degree in computer science from Princeton University, he began his journey in the crypto world and secured an internship at Coinbase.
He launched the dYdX decentralized exchange to enhance transparency, improve user security, and speed up trade execution. Juliano identified a significant demand for margin trading and positioned it as a core use case for dYdX.
dYdX has raised a total of $87 million across four funding rounds. On June 15, 2021, it raised $65 million in a Series C round led by Paradigm. A prior round in January 2021 raised $10 million, with major investors including Three Arrows Capital and DeFiance Capital.
American entrepreneur Antonio Juliano founded dYdX in 2017. He had previously entered the crypto space in 2015 while working as a software engineer at Coinbase.
The maximum supply of DYDX tokens is capped at 691.51 million. According to the project's latest data, the circulating supply exceeds 425 million tokens.
dYdX Chain is built on the Cosmos SDK and achieves consensus through CometBFT, forming a Proof-of-Stake (PoS) blockchain. This infrastructure is crucial for integrating DYDX as the primary Layer 1 token—a decision that was backed by community consensus. DYDX plays a key role in staking, network security, and governance, marking a significant step toward building a community-driven decentralized ecosystem.
The DYDX token serves as a governance tool within the dYdX Chain. It is used for staking and facilitating advanced trading, making it an essential component of the platform. Token holders can vote on platform proposals, supporting a community-led development model. Staking DYDX enhances network security and rewards participants. The token also streamlines leveraged trading and perpetual contracts, offering lower fees and faster settlement. Overall, DYDX is vital in building a secure, efficient, and user-centric DeFi ecosystem.
The dYdX to other currencies exchange rate?
