“Faith is lost, tears drown my memories, where does my money go, my heart is lost in the sky” This must be the feelings of many people after the collapse of the second largest trading floor. FTX world. The world’s number one exchange Binance is so famous, but we also had a MtGox, right?
So the question is whether centralized exchanges are the only solution for trading cryptocurrencies. The answer is No. A number of decentralized exchanges where people can both hold their own assets and trade are emerging with some famous names such as: dYdX or GMX,…
So what is dYdX? Now I will learn with everyone about the decentralized Perpetual exchange dYdX.
What is dYdX?
Overview of dYdX
dYdX is a decentralized exchange that offers products for Spot, Margin and Perpetual contracts. dYdX is built on the Ethereum blockchain.
Features of dYdX Trading Platform
- Friendly interface
- Large liquidity, fast order matching speed
- Low transaction fees
- Withdraw and deposit quickly
dYdX Trading Platform Products
- Spot and Margin trading on layer 1. For Margin trading, the floor provides maximum leverage of 5x. Some common trading pairs: ETH-USDC, ETH-DAI, USDC-DAI.
- Trade perpetual contracts on layer 2, using Starkware technology. The exchange provides leverage with perpetual contracts up to 25x with common trading pairs such as BTC-USD, ETH-USD,…
Development Roadmap
On June 22, 2022 dYdX announced the building of a private blockchain, using the Cosmos SDK tool with the Tendermit consensus algorithm. Blockchain dYdX is expected to launch in the second quarter of 2023.
Core Team
Antonio Juliano: Founder & CEO
- He studied at Princeton University majoring in Computer Science.
- After graduating Antonio worked as a Software Engineer at Coinbase and Uber.
- Then founded Weipoint, a search engine project for decentralized web projects.
- Advisor to the Magic Eden project, an NFT exchange project.
David Gogel: Chief Strategy Officer
- He studied Business at the University of Pennsylvania, then took a Fintech class at MIT and studied for an MBA at Wharton School.
- He was then the Founder and CEO of GogelX LLC, a Blockchain and Fintech company.
Paul Erlanger: Sales Director
- Previously, he studied at New York University majoring in Physics.
- After that, he worked full-time at Deutsche Bank.
Marc Boiron: Legal Director
- He studied at Middle Tennessee State University and MBA at Penn State Law.
- Have experience working for blockchain companies such as: Blockchain and Securities Attorneys, FisherBroyles.
Zhuoxun Yin: Operations Manager
Worked at Nimble Pharmacy and consultant at Bain & Company.
Investor
- December 19, 2017: dYdX raised $2M Seed Round from investment funds: Andreessen Horowitz, Brian Armstrong, David King, Elad Gil, Polychain Capital, Abstract Ventures, Scott Belsky,…
- October 19, 2018: dYdX continued to raise an additional $10M in Seria A round from funds: Andreessen Horowitz, Bain Capital Ventures, Vy Capital, Fred Ehrsam, Elad Gil, Kevin Hartz,…
- January 26, 2021: dYdX continues to raise $10M Series B capital from names: Defiance Capital and Three Arrows Capital
- June 15, 2021: dYdX successfully raised $65M in Series C round from investment funds: Wintermute Trading, Polychain Capital, Electric Capital, CMT Digital Ventures, QCP Capital, Paradigm.xyz,…
Tokenomics
Overview information about dYdX token
- Token: dYdX Token.
- Ticker: DYDX
- Blockchain: Ethereum
- Standard: ERC-20
- Total supply: 1,000,000,000 DYDX
Token Allocation
- 27.7% is allocated to Investors
- 20.2% is allocated to Trading Rewards
- 15.3% is allocated to Employees and Consultants of dYdX Trading or Foundation
- 5.0% is allocated to Airdop
- 7.5% is allocated to Liquidity Provider Rewards
- 7.0% is allocated to Future Employees & Consultants of dYdX
- 16.2% is allocated to Treasury
- 0.6% is allocated to Liquidity Staking Pool
- 0.5% is allocated to Safety Staking Pool
Token Release
Token Use Case
- Used to propose and vote on governance proposals within the protocol
- Rewards for liquidity providers
- Transaction fee reduction: Depending on the level of holding dYdX tokens, people will have different levels of Discount.
- Receive monthly rewards.
Exchanges
Currently dYdX is traded on many famous exchanges such as Binance, Kucoin, Houbi and decentralized exchanges such as Uniswap or Sushiswap,…
dYdX Project Information Channel
- Twitter: https://twitter.com/dYdX
- Website: https://dydx.exchange/blog
- Discord: https://discord.com/invite/Tuze6tY
- Reddit:
Summary
Along with the market decline, the trading volume on dYdX also decreased significantly, however dYdX still has about 25,000 regular users, a quite high rate. The second quarter of this year also marked the official launch of the dYdX chain, quite similar to the approach of Binance and most recently Coinbase when launching its own blockchain, Base.
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