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dYdX

https://dydx.exchange

About dYdX

Introduction to dYdX

dYdX is the developer of an industry-leading uncustodied decentralized exchange (DEX) focused on advanced cryptocurrency products, such as derivatives like the Cryptocurrency Perpetuity Protocol. dYdX executes smart contracts on blockchains like Ether, reducing the need for trusted intermediaries. The need for trusted intermediaries. The decentralized exchange launched its own native token, $DYDX, in August 2021. In addition to serving as a governance token for voting on proposals, the token also serves as a reward for holders based on the volume of transactions on the platform. In an effort to bring volume to scale, dYdX and StarkWare launched a custom cross-margin perpetual contract Layer 2 (L2) protocol on February 24, 2021. The protocol is based on StarkWare's scaling engine, StarkEx, built with zero-knowledge aggregation (zk-Rollup) technology, and dYdX's perpetual smart contracts. Traders now enjoy many advantages: no gas fees, low transaction fees, and lower minimum volume limits. As of June 2022, dYdX has made an announcement that in version 4 it will launch its own standalone blockchain via Cosmos SDK and Tendermint PoS. Its development team noted that the reason for the changeover was to address the speed of Ether L2 and other issues related to centralization. The team believes that switching blockchains will improve execution performance while reaching the goal of full decentralization by the end of this year.

Who are the founders of dYdX?

Antonio Juliano, who previously worked as a developer at Uber and as a software engineer at Coinbase, founded the platform in 2017 and launched the protocol in 2019. juliano studied computer science at Princeton University before dropping out to work at a tech startup. While working at Coinbase, he became more and more passionate about ethereum and wanted to work on the network, initially developing a decentralized application (DApp) search engine. Later, as he decided to bring margin trading capabilities to the decentralized finance (DeFi) space, he began to conceive the concept of dYdX.

Where is dYdX located?

Its corporate headquarters is in San Francisco, USA. However, the dYdX Foundation, the team behind the protocol, is based in Zug, Switzerland. The exchange is currently available to users around the world, with the exception of the following countries and those currently under US sanctions: Cuba, North Korea, Iran, Iraq, Myanmar, Libya, Mali, Democratic Republic of Congo, Côte d'Ivoire, Republic of Nicaragua, Somalia, Sudan, Yemen, Syria, and Zimbabwe.

What currencies does dYdX support?

At the time of writing, popular perpetual pairs that are available on dYdX include Ether, Bitcoin, Solana, Polygon, Avalanche, and UniSwap.

What are the fees for the dYdX exchange?

dYdX does not charge any deposit or withdrawal fees and there are no gas fees for second tier trades; however, the protocol uses a pending order eating fee model and uses trade volume to determine the weighting of transaction fees. With this transaction fee model, holders receive a discount on their transaction fees based on their current holdings.

Can I trade with leverage or margin on dYdX?

At the time of writing, traders can go long or short with 20x leverage on the bitcoin or ethereum markets, compared to 10x on other markets.