Price Data, Market Cap & News for dYdX ($DYDX) Cryptocurrency

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An Overview of dYdX

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Overview of dYdX

Introduction to dYdX

dYdX is a decentralized cryptocurrency exchange that combines advanced financial tools with the benefits of decentralization. Built on Starkwire’s StarkEx scalability engine, it allows for increased transaction speed, elimination of gas costs, reduced trading fees, and lower minimum trade sizes. The platform is designed for users to lend, borrow, and trade crypto assets, with a particular focus on derivatives and margin trading.

Creators and Major Contributors

dYdX was founded in 2017 by Antonio Juliano, an experienced programmer with a background in blockchain technology. Zhuoxun Yin, who previously worked at Nimble and Bain & Company, is the head of operations at dYdX. Both have played significant roles in shaping the platform's direction and growth.

Token Supply

A total of 1,000,000,000 DYDX tokens were minted and will be distributed over a five-year period, starting from August 3rd, 2021. The allocation includes 50% for the community, 25% for trading rewards, 7.5% for retroactive mining rewards, 7.5% for liquidity provider rewards, 5% for a community treasury, 2.5% for users staking USDC to a liquidity staking pool, and 2.5% for users staking DYDX to a safety staking pool.

Purchase Locations

DYDX tokens can be purchased on several exchanges, including Binance, Huobi Global, KuCoin,, Kraken, Poloniex, Uniswap (V3), OKEx, LBank, Sushiswap, Exchange, and more. The token first became available for purchase in September 2021.

Common Uses

dYdX is primarily used for lending, borrowing, and trading crypto assets. It supports margin trading, allowing investors to increase their exposure to digital assets through leverage. Users can also earn interest on their deposited funds, which are automatically entered into a global lending pool specific to each cryptocurrency. Borrowing on dYdX enables users to acquire any asset available on the platform using their funds as collateral for the loan.

Latest News and Developments

dYdX has recently introduced retroactive mining benefits, showing appreciation to historical users and incentivizing them to trade on the layer 2 protocol. Token holders can stake their tokens in dYdX’s safety and liquidity pools. The safety pool provides the platform with a safety net in case of a shortfall event, while the liquidity pool attracts high-quality market makers. dYdX’s layer 2 scaling solution, built on Starkwire’s ZK-STARKS technology, increases the network's scalability by validating a batch of transactions off-chain. These proofs are then sent back to the blockchain, where they are verified by a smart contract. This technology removes expensive computations from the mainnet without sacrificing decentralization.

Technological Advancements

In recent dYdX news, the platform has been making significant strides in its technological development. They've launched early access to cross-margin perpetual trading on Layer 2, which allows users to trade with zero gas costs and reduced minimum trade sizes. This feature is currently only available to select users and strategic partners.

Moreover, dYdX is planning to develop a standalone blockchain, dYdX V4, based on Tendermint consensus and built using Cosmos SDK. This will feature a fully decentralized, off-chain, orderbook and matching engine capable of scaling to orders of magnitude more throughput than any blockchain can support.

Community and Governance

The dYdX community is growing and becoming more involved in governance. They now have access to millions of $DYDX that has accrued in the Community Treasury and Rewards Treasury. These funds are used for community initiatives, contributor grants, and liquidity mining. Additionally, endorsed delegates are working on a research grant on various governance topics to improve the platform's governance model.

Trading and Rewards

dYdX has seen a surge in trading volume, with users trading $466 billion in crypto derivatives during 2022. The platform distributes trading rewards every 28 days, and the dYdX price has surged more than 200% over the past 30 days. A proposal has been put up to change the trading rewards formula based on fees, which could attract new users and improve the protocol.

Other Developments

Other recent news about dYdX includes the launch of a self-service affiliate program to reward users who refer new users to the platform. They've also introduced Swap Mode, a new way to trade with dYdX, which allows users to trade perpetuals with leverage through a familiar, swap-style UI.