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	0.1333USDT	-1.93%	12,035,412.51DYDX	22,072	0.1360USDT	0.1401USDT
2	DYDX-USDT DYDX-USDT	okex	A	0.1334USDT	-1.92%	7,155,108.56DYDX	16,651	0.1360USDT	0.1399USDT
3	DYDX-USDT DYDX_USDT	whitebit	BB	0.1333USDT	-2.07%	4,635,818.48DYDX	14,966	0.1361USDT	0.1403USDT
4	DYDX-USDT DYDXUSDT	bybit	A	0.1335USDT	-1.87%	2,929,384.50DYDX	5,590	0.1360USDT	0.1400USDT
5	DYDX-USD DYDXUSD	kraken	AA	0.1333USD	-2.23%	2,473,683.78DYDX	950	0.1363USD	0.1615USD
6	DYDX-USDT DYDX_USDT	gateio	A	0.1333USDT	-2.31%	1,723,273.00DYDX	3,397	0.1365USDT	0.1399USDT
7	DYDX-TRY DYDXTRY	binance	AA	6.58TRY	-2.06%	1,216,942.15DYDX	1,084	6.71TRY	6.91TRY
8	DYDX-USDC DYDX_USDC	whitebit	BB	0.1332USDC	-2.25%	1,188,669.69DYDX	2,558	0.1362USDC	0.1397USDC
9	DYDX-USDC DYDXUSDC	binance	AA	0.1332USDC	-1.99%	1,153,295.09DYDX	2,507	0.1359USDC	0.1397USDC
10	DYDX-USD COSMOSDYDX-USD	coinbase	AA	0.1331USD	-1.84%	1,120,018.90DYDX	481	0.1356USD	0.1412USD
11	DYDX-EUR DYDX_EUR	whitebit	BB	0.1189EUR	-2.20%	948,404.29DYDX	2,172	0.1215EUR	0.1250EUR
12	DYDX-USDT DYDX-USDT	kucoin	BB	0.1333USDT	-2.13%	378,796.44DYDX	963	0.1361USDT	0.1400USDT
13	DYDX-USDT DYDXUSDT_SPBL	bitget	BB	0.1335USDT	-1.91%	299,620.87DYDX	523	0.1361USDT	0.1394USDT
14	DYDX-EUR DYDXEUR	kraken	AA	0.1190EUR	-1.80%	186,186.83DYDX	145	0.1211EUR	0.1261EUR
15	DYDX-USDC DYDX-USDC	okex	A	0.1334USDC	-1.33%	67,434.75DYDX	125	0.1352USDC	0.1389USDC
16	DYDX-EUR DYDX-EUR	okex	A	0.1196EUR	0.00%	54,699.53DYDX	109	0.1196EUR	0.1241EUR
17	DYDX-USD DYDX_USD	cryptodotcom	AA	0.1334USD	-1.98%	37,321.70DYDX	54	0.1361USD	0.1384USD
18	DYDX-USDT DYDX_USDT	cryptodotcom	AA	0.1346USDT	3.78%	9,250.00DYDX	9	0.1298USDT	0.1358USDT
19	DYDX-USDT DYDXUSDT	cexio	BB	0.1334USDT	3.93%	5,876.00DYDX	3	0.1284USDT	0.1334USDT
20	DYDX-USDC DYDXUSDC	bybit	A	0.1351USDC	1.47%	638.30DYDX	4	0.1332USDC	0.1365USDC
21	DYDX-EUR DYDXEUR	cexio	BB	0.1215EUR	1.15%	187.87DYDX	1	0.1201EUR	0.1215EUR
22	DYDX-USD DYDXUSD	cexio	BB	0.1370USD	5.33%	177.98DYDX	1	0.1301USD	0.1370USD
23	DYDX-USDC DYDXUSDC	cexio	BB	0.1355USDC	3.83%	138.43DYDX	1	0.1305USDC	0.1355USDC
24	DYDX-USDT dydxusdt	huobipro	C	0.1333USDT	-2.06%	6,766,281.84DYDX	15,996	0.1361USDT	0.1398USDT
25	DYDX-USDT DYDXUSDT	bitrue	D	0.1330USDT	-2.21%	6,687,994.84DYDX	12,407	0.1360USDT	0.1400USDT
26	DYDX-USDT sDYDXUSDT	phemex	C	0.1335USDT	-1.77%	3,943,009.18DYDX	10,051	0.1359USDT	0.1401USDT
27	DYDX-USDT dydx_usdt	lbank	C	0.1334USDT	-1.90%	3,363,845.31DYDX	4,331	0.1360USDT	0.1398USDT
28	DYDX-USDT dydx_usdt	xtpub	-	0.1335USDT	-1.91%	2,854,110.40DYDX	8,103	0.1361USDT	0.1399USDT
29	DYDX-USDT DYDX_USDT	coinw	-	0.1333USDT	-2.11%	2,684,574.91DYDX	3,698	0.1362USDT	0.1396USDT
30	DYDX-USDT DYDXUSDT	toobit	C	0.1333USDT	-1.98%	2,223,997.46DYDX	13,991	0.1360USDT	0.1398USDT
31	DYDX-USDT DYDXUSDT	mexc	C	0.1333USDT	-1.97%	1,367,297.57DYDX	5,893	0.1360USDT	0.1400USDT
32	DYDX-USDC DYDXUSDC	bitrue	D	0.1340USDC	-0.74%	1,278,491.08DYDX	36,845	0.1350USDC	0.1409USDC
33	DYDX-USDT DYDX_USDT	bydfi	-	0.1333USDT	-1.99%	1,103,203.28DYDX	3,978	0.1360USDT	0.1398USDT
34	DYDX-EUR DYDX-EUR	bitvavo	B	0.1186EUR	-3.14%	790,131.06DYDX	242	0.1224EUR	0.1242EUR
35	DYDX-USDT DYDX_USDT	bitunix	C	0.1334USDT	-1.90%	653,876.79DYDX	8,516	0.1360USDT	0.1398USDT
36	DYDX-USDT DYDX-USDT	bingx	D	0.1333USDT	-1.95%	627,812.89DYDX	10,538	0.1360USDT	0.1397USDT
37	DYDX-KRW DYDX_KRW	bithumbkorea	-	179.00KRW	-1.65%	414,801.85DYDX	116	182.00KRW	186.00KRW
38	DYDX-USDC DYDXUSDC	mexc	C	0.1330USDC	-2.18%	407,849.44DYDX	3,026	0.1360USDC	0.1390USDC
39	DYDX-USDT dydx_usdt	digifinex	D	0.1334USDT	-1.91%	326,245.07DYDX	5,439	0.1360USDT	0.1399USDT
40	DYDX-EUR DYDXEUR	bit2me	B	0.1190EUR	-1.80%	181,804.47DYDX	139	0.1211EUR	0.1261EUR
41	DYDX-USDT DYDX-USDT	bigone	-	0.1333USDT	-1.99%	125,212.77DYDX	3,557	0.1360USDT	0.1398USDT
42	DYDX-THB THB_DYDX	bitkub	C	4.32THB	-5.69%	80,784.17DYDX	28	4.58THB	4.85THB
43	DYDX-USDT DYDXUSDT	hitbtc	E	0.1388USDT	0.00%	0DYDX	0	0.1388USDT	0.1388USDT
44	DYDX-USDT DYDXUSDT	bequant	C	0.1388USDT	0.00%	0DYDX	0	0.1388USDT	0.1388USDT
45	DYDX-INR DYDXINR	coindcx	-	13.66INR	2.33%	1,216.80DYDX	29	13.35INR	13.95INR
46	DYDX-USDT SPOT_DYDX_USDT	woo	C	0.1476USDT	0.00%	0DYDX	0	0.1476USDT	0.1476USDT
47	DYDX-BRL DYDX-BRL	mercadobtc	C	0.6800BRL	-21.70%	482.82DYDX	10	0.8684BRL	0.8684BRL
48	DYDX-KRW DYDX_KRW	coinone	C	183.70KRW	0.00%	0DYDX	0	183.70KRW	183.70KRW
49	DYDX-USDT DYDXUSDT	coinex	C	0.1327USDT	0.00%	0DYDX	0	0.1327USDT	0.1327USDT
50	DYDX-BTC DYDXBTC	coinex	C	0.0₅1603BTC	0.00%	0DYDX	0	0.0₅1603BTC	0.0₅1603BTC