DYDX is a decentralized trading platform built on the Ethereum blockchain that allows users to trade perpetual contracts, options, and spot markets with up to 25x leverage. The DYDX token, also known as DYDX, is the platform's native token and is used for governance and to incentivize liquidity provision.
What is DYDX？
DYDX (dYdX) is the governance token for the layer 2 protocol of the eponymous non-custodial decentralized cryptocurrency exchange. It serves to facilitate the operation of layer 2 and allows traders, liquidity providers and partners to contribute to the definition of the protocol's future as a community.
An open-source platform with smart contract functionality, dYdX is designed for users to lend, borrow and trade crypto assets. The platform also features decentralized margin trading, meaning that users can lend or borrow funds without the need for intermediaries. DYDX is designed to be non-custodial, meaning that users retain control of their funds at all times, and the platform does not have access to user funds. Although dYdX supports spot trading, the main focus of the platform is on derivatives and margin trading.
The exchange was founded in 2017 with over $10 million in seed venture capitalist funding and went live in 2019. DXDY token Initial coin offering (ICO) was on September 9th 2021.
What Makes dYdX Unique?
dYdX is a cryptocurrency exchange that combines advanced financial tools with decentralization, that allows users to trade without intermediaries. This means that users maintain control of their funds and can trade directly with other users on the platform. The platform supports margin trading,Perpetual Contracts, Options Trading.
Upon depositing funds into the account, dYdX users automatically begin to earn interest, dYdX also features an order book architecture in contrast to automated market makers such as Uniswap.
dYdX Layer 2 increases scalability of the network through use of a form of zero-knowledge rollup — zkSTARKS. The technology receives proofs, while validating a batch of transactions off-chain. These proofs are then sent back to the blockchain, where they are verified by a smart contract. zkSTARKS makes it possible to remove expensive computations from the mainnet with no sacrifices in decentralization.
Together, with trading and liquidity provider rewards, dYdX introduces retroactive mining benefits, allowing the platform to show appreciation to historical users and incentivize them to trade on layer 2 protocol. The holders can stake their tokens in dYdX’s safety and liquidity pools. While the safety pool provides the platform with a safety net in case of a shortfall event, the liquidity pool serves to attract high quality market makers.
Where to buy DYDX Token
You can find DYDX Token here at CoinTR Exchange! We are listing DYDX/USDT on Spot Market and support up to 25X DYDXUSDT Perpetual Futures!
What is the Price of DYDX
The price of the DYDX token is $3.3133 per unit. It has a market cap of $489,577,350 and a fully diluted market cap of $3,133,206,029. It also has a 24-hour trading volume of $186,355,793. You can check the live price of their token right here!
How to buy DYDX
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