|All Time High:|
|Market Cap: |
|The price of #DYDX today is $3.14 USD.|
The lowest DYDX price for this period was $0, the highest was $3.14, and the exact current price of one DYDX crypto coin is $3.14307.
The all-time high DYDX coin price was $27.90.
Use our custom price calculator to see the hypothetical price of DYDX with market cap of ETH or other crypto coins.
|The code for dYdX is also #DYDX. |
dYdX is 2.2 years old.
|The current market capitalization for dYdX is $522,125,706.|
dYdX is ranked #86 out of all coins, by market cap (and other factors).
|The trading volume is very large today for #DYDX.|
Today's 24-hour trading volume across all exchanges for dYdX is $257,593,686.
|The circulating supply of DYDX is 166,119,690 coins, which is 17% of the total coin supply.|
dYdX Closes $10M Series B Investment
We're excited to announce that dYdX has raised a $10M Series B round led by Three Arrows Capital and DeFiance Capital! We welcome new investors: Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital. Additionally we're grateful for the continued support from a16z, Polychain Capital, Kindred Ventures, 1confirmation, Elad Gil, Fred Ehrsam, and other existing investors who participated in this or past rounds. This is an important milestone for the dYdX team. Perpetuals trading is an exciting use case for blockchain technology and we're thrilled to be building a core component of the decentralized financial ecosystem. dYdX's decentralized exchange infrastructure combines non-custodial, on-chain settlement with an off-chain low-latency matching engine with order books to deliver an institutional-grade, liquid, and low slippage trading experience for the decentralized finance world. Our products empower traders to better manage risk, more efficiently allocate capital, and express more complex opinions on price and volatility. 2020 was a year of records: Total cumulative trade volume across Perpetuals, Margin, and Spot trading increased 40x, reaching $2.5 billion in 2020, up from $63 million in 2019., Margin / Spot Trade Volume: $1.9 billion in 2020, up from $63 million in 2019., Perpetuals Volume Trade Volume: $563M since the new protocol was launched in April 2020., Volumes on our perpetual contracts gre...
dYdX - 2020 in Review
2020 was a huge year for dYdX! We built and launched our first protocol for Perpetual Contracts, saw many thousands of new traders use dYdX, and increased our trade volume by 40x. In the second half of 2020, we've been building a new product for Perpetual Contracts on Layer 2, powered by StarkWare's Zero Knowledge Rollups. 2020: a Year of Records Total cumulative trade volume across Spot, Margin, and Perpetuals increased 40x reaching $2.5 billion in 2020, up from $63 million in 2019., Over $1.9 billion in trade volume in Margin and Spot markets, and over $563 million in trade volume in Perpetual Contract markets since the new protocol was launched in April., Volumes on our Perpetual Contracts grew as a percentage of total volume, accounting for 41% of total trading volume in December., Over $17.4 billion in loans were originated from dYdX lending pools., Unique wallets depositing funds into dYdX's smart contracts increased by 4.8x from 8,000 to 38,588 wallets through December 31., We hired 6 new team members, across Design, Engineering, and Growth., These are important milestones for dYdX. Our decentralized exchange infrastructure combines non-custodial, on-chain settlement with an off-chain low-latency matching engine using order books. This allows us to deliver an institutional-grade, liquid, and low slippage trading experience for the DeFi world. Our products empower traders to better manage risk, more efficiently allocate...
How DeFi is Eating Traditional Finance
This article was originally posted on The Pomp Letter With the introduction of Bitcoin's genesis block, the world had its first truly decentralized financial application. Bitcoin enabled anyone in the world to store wealth without the need for a centralized party. That wealth could be taken and sent anywhere in the world, the only requirement was an internet connection. As the Bitcoin network grew in terms of number of holders and value transferred, developers began looking for ways to create more complex financial transactions. This was at odds with how the Bitcoin community viewed the tradeoffs between security and expressive financial applications, which created an unmet opportunity for a blockchain that could facilitate more complex financial contracts. When Ethereum launched, it aspired to be a world computer capable of powering an arbitrary number of applications through smart contracts. The ICO mania of 2017 reflected this vision, but Ethereum as a platform ultimately left much to be desired for most applications. Amidst all the noise, it became increasingly obvious that Ethereum was fertile ground for financial application experimentation. Ethereum drastically dropped the costs associated with a variety of financial transactions including capital formation, asset issuance (hence the ICO bubble), asset exchange, loan administration, collateral management, and much more. After the rubble of 2017 cleared, the Ethereum com...
LINK-USD Perpetual Contract Market is Live
We are excited to announce that the LINK-USD Perpetual Contract Market is now live. Traders can trade LINK with up to 8x leverage with no expiry. Our contracts have been audited by Open Zeppelin, and are fully open-sourced. To celebrate the launch, we are providing 50% off trading fees on the LINK-USD Perpetual for the next 7 days. Perpetual Markets on dYdX are not available in the United States. No actual Fiat USD is supported on dYdX.Why LINK? On a daily volume basis, LINK is the most traded token in all of DeFi. While demand is unquestionably high for LINK, we are just as excited about the underlying oracle ecosystem that Chainlink has built. As such, we are excited to share we are using Chainlink's LINK-USD Price Feed as the oracle source for this market. Given that Chainlink's ecosystem of data providers have proven to be extremely reliable, even in times of high volatility, we are confident that this oracle integration will perform extremely well. Contract Specification Details for the LINK–USD perpetual market are provided below. General information and examples can be found in the Perpetual Guide. Details on the protocol and decentralization can be found here. Perpetual type: Linear, Underlying market: LINK–USD, Margin/settlement asset: USDC, Tick size: $0.005 USD, Min order size: 15 LINK, Quantity step: 0.000001 LINK, Max order size: None, Max position size: None, Expiry: Perpetual (no expiration), ...
dYdX Chooses Chainlink as its Oracle Provider for New Market
We are excited to announce the launch of a new Perpetual Contract market for LINK-USD which uses Chainlink's LINK/USD Price Reference Data feed as a reference price to determine on-chain liquidations. After performing extensive due diligence, we selected Chainlink's LINK/USD price oracle because it provides the highest quality price data, delivered by the largest and most decentralized group of independently run, Sybil-resistant oracles. Our users can also monitor the real-time health of the oracle via Chainlink's various monitoring resources, in order to gain insights into the oracle network as a whole, or the individual nodes and their on-chain responses. With Chainlink already securing over $2B USD value within DeFi, we are confident that Chainlink's oracle infrastructure is capable of supporting our LINK-USD Perpetual Contract-both now, and well into the future-even under the most adverse market conditions. Chainlink's price reference model is especially critical for helping us secure assets in more thinly traded markets, which can be reliably mitigated by its high-quality aggregated data feeds.What's Next? We are working on launching additional Perpetual Contracts to our platform, with the goal of making dYdX the go-to platform for trading a variety of cryptoassets across Spot, Margin, and Perpetuals. We are also actively building a Layer 2 solution with StarkWare to be able to offer an even better experience for our trad...
Scaling dYdX with StarkWare
Partnering with StarkWare to scale decentralized trading dYdX is excited to announce a partnership with StarkWare. Our engineering teams are collaborating on a Layer 2 scaling solution for Perpetual Contracts, based on StarkWare's StarkEx scalability engine and dYdX's Perpetual smart contracts. Our Perpetual Contracts will be powered by StarkEx by the end of this year. To provide the best user experience for traders, we have decided to transition to Layer 2. Traders can expect significantly lower gas costs, and in turn, lower trading fees and minimum trade sizes. We remain committed to our mission of building open, secure, and powerful financial products. StarkWare is developing software to dramatically improve blockchain scalability by allowing any type of computation to move off-chain, using the Ethereum blockchain as a public immutable commitment layer. StarkWare's dYdX integration combines STARK proofs for data integrity with on-chain data availability to ensure a fully non-custodial protocol.What does this partnership mean for our traders?Significantly Reduced Gas & Trading Fees - Trades are submitted on-chain in ZK-Rollups, reducing the amount of gas required per-trade. We are able to pass on those savings to traders in the form of reduced trading fees across the board.Reduced Minimum Trade Sizes - Since there are smaller fees per-trade, we are able to offer smaller trade sizes, allowing traders to try out dYdX by st...
Comparing DeFi Token Models
IntroductionDeFi tokens have recently been far and away the best performing sector in the cryptocurrency markets. The primary reason they have seen such growth can be boiled down to a single factor: they accrue value. Most DeFi token models are designed in such a way where token holders benefit proportionally to network usage and growth. In fact, many of the most popular models operate similarly to traditional equity, in which holders value the asset based on the fees earned by the network as well as the ability to govern it. DeFi tokens also incorporate some form of incentive design to align the interests of the network with long term holders, staking being a popular example. While DeFi tokens have passed the initial value capture test, many of these models can be upgraded. Over time, more experiments will illuminate how to best capture value from a decentralized financial network through a token. The idea of using tokens to incentivize decentralized network growth isn't new. Fred Ehrsam's early blog post on the decentralized business model described how a token could be used to help solve the proverbial chicken and egg problem faced by networks and marketplaces. The problem with this early implementation was that there was no way to distinguish speculators from long term investors or users committed to the network. We saw this play out during the 2017 ICO bubble - tokens were sold off to speculators who quickly flipped them ...
ETH-USD Perpetual Contract Market is Live
After listening to our active trading community and evaluating the greater DeFi product landscape, we are pleased to announce that we have launched an ETH-USD Inverse Perpetual Contract Market. To celebrate the launch, we are providing 50% off trading fees on the ETH-USD Perpetual for the next 7 days. Now, dYdX traders can trade ETH with increased leverage (up to 10x), while using ETH as collateral. Similarly to our BTC Perpetual, ETH-USD will have no expiry. Our contracts have been audited by Open Zeppelin and can be viewed here. Perpetual Markets on dYdX are not available in the United States. No actual Fiat USD is supported on dYdX.Why an Inverse Perpetual? An inverse perpetual contract is one that is quoted in USD but margined and settled in the base asset -- in this case ETH. The benefit of this type of contract is that users do not have to take on any stablecoin exposure, and can use ETH that they likely already hold to trade with. Traders can now obtain leveraged long or short exposure to ETH while using ETH as collateral and earning returns in ETH. Why ETH? While ETH is the underpinning of the DeFi ecosystem, there are currently only a few simple ways to gain ETH leverage in both an efficient and decentralized manner. With our Perpetual, users can ensure that they remain in control of their ETH while gaining increased leverage and trading on the most liquid orderbooks in DeFi. Contract Specification Detail...
Trader Insights: Yield Farming
This is episode #02 of Trader Insights, a series on trends & strategies for trading cryptocurrency.A new way to build network effects and liquidity in crypto One of the earliest beliefs within the Ethereum community was that native tokens were an excellent way to bootstrap network effects. While the idea of early network users owning equity was powerful, the actual implementation was blown out of proportion during the 2017 ICO boom. During that time, token holders were much more focused on speculation than building the underlying network. More recently, decentralized finance protocols have been using new token incentives to drive liquidity and users to their platforms. Formally dubbed 'liquidity mining,' decentralized finance protocols have been designed to reward their users with native token that can be used as both a cash flow and governance asset. The first decentralized finance protocol to utilize liquidity mining was Synthetix. SNX holders that turned their sUSD into sETH and contributed to the Uniswap sETH pool were rewarded with more SNX. The experiment was successful - sETH became one of the most liquid assets on Uniswap. Compound's most recent COMP launch was the next protocol to launch liquidity mining, and based on early indications, it has been a massive success. When COMP first launched, the protocol had roughly $100 million USD in assets locked in the protocol. Now, the protocol boasts nearly $1 billion USD ...
Trader Spotlight: Andrew Kang
This is episode #02 of Trader Spotlight, a series on trading insights & strategies used by well-known cryptocurrency investors. On May 14th, we hosted a live AMA Spotlight with Andrew Kang. Andrew has a wealth of expertise in crypto through prop trading, venture investing, mining, and more. He has his hands in almost every corner of the crypto markets! In these AMA spotlights, our goal is to bring you the best insights and commentary from professional crypto traders, market makers, and leading industry experts! Below is a recap of the AMA with Andrew Kang.To get started, we'd love to hear a quick background about yourself. What got you into crypto, investing, and trading? When did you have the "aha" moment? Would love to hear your story. For crypto, my first real exposure was probably in 2013. It was around the point when Dogecoin first started and it was blowing up on Reddit which I frequented. The fervor around Dogecoin was real and what was interesting was that a "Dogecoinmarkets" subreddit where people bought Dogecoin OTC also emerged. The thing was that people were bidding 2x-3x over market price since most didn't have access to coinbase/onramps. I didn't either at the time, and Coinbase applications were taking days/weeks to approve + long banking transfers, so what I did was find a sketchy website that accepted credit cards + instant BTC purchases to start arbitraging the Dogecoin BTC m...
More dYdX (#DYDX) News
|dYdX To Unlock $478M Worth Of Tokens, Will Bears Have A Field Day?
On December 1, dYdX, the layer-2 decentralized exchange, will unlock 150 million DYDX worth roughly $478 million to early investors and core team members. This substantial unlock has raised concerns among investors, who fear the influx of fresh tokens could substantially increase supply.
If this is not matched by high demand, DYDX prices will likely pull back, reversing recent gains posted over the past few trading weeks.
DYDX Worth $500 Million To Hit The Market
According to Bubblemaps data, out of the $478 million worth of DYDX, over 50% is allocated to venture capitalists (VCs), including Paradigm and Polychain. Zooming back and looking at their data, VCs seeded $100 million to the layer-2 decentralized exchange.
These tokens were distributed to private investors through five wallets, including Coinbase Custody, Investor Distribution, and the Foundation Wallet.
Currently trading at over $3, DYDX is at February 2023 levels and technically bullish. However, the upcoming token unlock casts a shadow over the token's positive momentum.
Notably, dYdX, postponed its token unlock by ten months. According to data, the humongous DYDX unlock was initially postponed from February to December 2023. Following this move, DYDX prices edged higher.
Even so, prices pulled back before consolidating in the better part of Q2, Q3, and early Q4 2023. There was a pronounced rally in late October 2023 as DYDX rose, riding the optimism across the crypto board.
At spot rat...
|dYdX Bans 'Highly Profitable Trading Strategies' After Targeted Trades o...
On the 17th of November, an unknown individual who may have been working as part of a team targeted the dYdX exchange and its YFI token.
Allegedly, the same actor had previously tried a similar strategy on the exchange’s SUSHI market merely 2 weeks prior.
Good Trades Or Malicious Intent?
These trades, which the platform’s staff have classified as an attack, were done using a series of transactions that ultimately caused open interest on the exchange to surge by over $66 million and resulted in $9 million of its insurance fund being burned in order to keep it afloat.
Thankfully, no user funds were affected by the trade.
“Last night about $9m from the dYdX v3 insurance fund were used to fill gaps on liquidations processed in the YFI market. The v3 insurance fund remains well funded with $13.5m in funds remaining. No user funds were affected and our team is working to investigate the event.”
However, stopgap measures have since been implemented to prevent further attacks. Until further notice, initial margin requirements for trades of “less liquid” tokens will increase.
As an immediate measure, we have increased initial margin requirements for less liquid markets:$EOS, $ZRX, $AAVE, $ALGO, $ICP, $XMR, $XTZ, $ZEC, $SUSHI, $RUNE, $SNX, $ENJ, $1INCH, $CELO, $YFI, $UMA, $SUSHI
We will continue to monitor, but believe this to be an important first…
— dYdX (@dYdX) November 18, 2023
Meanwhile, the search for the person – or team b...
|The Reason DYDX Price Exploded 25% Today
DYDX Price Increase: DYDX, the dYdX chain's cryptocurrency, rose by 25% in 24 hours, reaching over $4 and marking an 18-month high, with a 110% increase in the past month.
Influencing Factors: The growth is aligned with the overall bullish trend in the crypto market, influenced by factors like potential BTC ETFs in the US and decreasing inflation.
Impact of Upcoming Token Unlock: An impending token unlock on November 28, releasing 2.16 million DYDX tokens, could significantly affect its price and market dynamics, possibly leading to enhanced volatility.
DYDX, the native cryptocurrency of the dYdX chain, has spiked by approximately 25% for the past 24 hours, briefly surpassing the $4 mark. In the following lines, we will outline the main factors that contributed to reaching the 18-month high, and the impressive gains charted in the past month.
DYDX has exploded by over 110% in the last 30 days, possibly triggered by the bullish sentiment in the entire digital asset market.
Recall that leading cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), have also soared substantially on the background of high hopes that a spot BTC ETF could soon see the light of day in America, plunging inflation in the States, and other reasons.
The most recent uptrend of DYDX, which defies the prevailing red wave in the crypto market today (November 15), might be bolstered by a large token unlock that might see the light of day in the next two weeks.
According to Token Unlocks, ...
|The dYdX Chain has Launched – Bridging and Staking Now Available
[PRESS RELEASE - Zug, Switzerland, October 31st, 2023]
The dYdX Foundation is pleased to announce the open-sourcing of software for a Bridge User Interface that, if deployed, could facilitate the conversion by users of ethDYDX to DYDX, the layer 1 (L1) token of the dYdX Chain.
Three significant developments have happened in the dYdX Ecosystem recently:
October 24, 2023 – dYdX Trading Inc. announced the release of the dYdX Chain open-source software.
October 26, 2023 – The dYdX Operations subDAO announced that the mainnet genesis of the dYdX Chain occurred with Genesis Validators participating in the creation of the first block of the dYdX Chain.
October 30, 2023 - The dYdX Operations subDAO announced that a Bridge User Interface has been deployed and made publicly available.
Following the mainnet genesis of the dYdX Chain and the open sourcing of the Bridge User Interface software, the dYdX Operations subDAO has announced that a Bridge User Interface has been deployed and made publicly available. This development allows users to bridge their DYDX tokens from Ethereum to the dYdX Chain, thus enabling expanded utility for the DYDX token. To convert ethDYDX into dYdX Chain DYDX you can visit bridge.dydx.trade and/or use the bridging guide available here. A Staking guide should be published in the coming days.
In a recent blog published by the dYdX Operations subDAO, three phases of dYdX Chain Genesis were highlighted: Pre Genesis, Genesis, and Post-Genesis. Current...
|Dydx Chain Unveils Network Fee Distribution and USDC Trading Fee Allocat...
The Dydx chain, a proof-of-stake blockchain network, has successfully launched its mainnet and introduced dydx as its layer one (L1) token. On October 26, at 1 p.m. EDT, the network’s validators created the first block, signifying the start of a new era for the Dydx chain. The introduction of dydx as the L1 token brings with it enhanced utility, including the distribution of network fees to validators and stakers, and the allocation of trading fees to stakers in the USDC stablecoin.Dydx Chain’s Mainnet Goes Live, Introducing Dydx as Integral L1 Token
Located in Zug, Switzerland, the Dydx Foundation oversees the Dydx chain, ensuring a secure and efficient operation of the network. Utilizing the Cosmos SDK and leveraging CometBFT for consensus, the Dydx network requires validators to stake its native tokens, contributing to the network's security and governance. The development team’s announcement sent to Bitcoin.com News details that the L1 protocol token is pivotal in upholding the integrity and functionality of the blockchain.
The distribution of network fees on the Dydx chain is designed to incentivize participation and investment in the network. Validators and stakers are rewarded with a share of the protocol fees, acknowledging a crucial role in maintaining network security and stability. This mechanism aims to ensure a fair and transparent distribution of rewards, aligning the interests of all parties involved.
A unique aspect of the Dydx chain's fee s...
|Ahead Of V4, dYdX Open-Source Code: Bull Run Incoming?
In what is seen to be a monumental move, dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4. The exchange has a total value locked (TVL) of over $353 million, according to DeFiLlama.
dYdX Open-Sourcing Code Ahead Of V4
According to an X post on October 24, dYdX plans to eventually operate on its standalone blockchain on Cosmos, migrating from being a layer-2 exchange reliant on Ethereum for security. The standalone blockchain, dYdX Chain, will be built using the Cosmos software developer kit (SDK) and powered by the Tendermint proof-of-stake consensus algorithm.
In blockchain, projects often open source their code, allowing the public to scrutinize how smart contracts operate. By going public, the protocol is helping to build trust with users and community members, boosting security and increasing decentralization. This is especially important because the DEX handles sensitive financial data to facilitate trustless trading for all users.
Antonio Juliano, the founder of dYdX, has already said the exchange developer, dYdX Trading Inc., is updating its charter to become a Public Benefit Corporation. The exchange developers will work on an open project without benefiting. Though the platform will remain a for-profit company as a Public Benefit Corporation (PBC), the founder and the board will 'not solely act to maximize shareholder value but act in the public benefit.'
Still, the layer-2 protocol has ...
|dYdX v4 Enables 1-Click Onboarding With Squid and Axelar
[PRESS RELEASE - New York, USA, September 20th, 2023]
As dYdX is adopting a standalone app-chain model, a pioneering interoperability solution enables 1-click onboarding from any blockchain environment
Decentralized financial derivatives marketplace dYdX has implemented a solution built on cross-chain infrastructure provided by Axelar, the leading Web3 interoperability platform, to support single-click onboarding and offboarding to dYdX v4.
The implementation will utilize Squid, a single-click cross-chain transaction builder that supports cross-chain swaps in under 20 seconds, built on Axelar's decentralized interoperability infrastructure.
Join Axelar, dYdX & Squid in a live AMA this Thursday at 4pm UTC to learn more
Long a pioneer in adopting next-generation blockchain architectures to support specific product outcomes, dYdX adopted Starkware’s rollup technology before L2s were in vogue, and with dYdX V4 they are adopting a standalone app-chain model. Derivatives exchanges are by nature high-leverage and high-risk places of trade, and a maximally decentralized approach to the entire market structure is needed to ensure constant up-time and safety from manipulation.
In brief, dYdX has implemented Squid’s API to support single-click onboarding and offboarding to their app-chain from any of Squid’s supported chains or rollups. Users will also be able to deposit from other exchanges, i.e. centralized exchanges, to directly onboard onto dYdX’s chain...
|dYdX Foundation Releases Semi-Annual Report, Reveals Ecosystem Growth in...
The dYdX Foundation, a non-profit organization behind the decentralized crypto exchange dYdX, has released its semi-annual report detailing its ecosystem growth and milestones reached in 2023.
According to the report, the foundation fostered the development of the dYdX protocol and grew the community in preparation for the release of the v4 open-source software – the dYdX Chain.
The Journey So Far in 2023
The foundation said the regulatory challenges of the crypto industry, corporate failures, and the aftermath of the crypto exchange FTX bankruptcy highlighted the role of decentralized finance with a focus on self-custody, transparency, and eliminating intermediaries.
Since dYdX announced its plans to become a fully decentralized protocol in January 2022, the exchange has released updates on achieving four out of five milestones and launched a public testnet. The testnet has over 57 validators, a block time of roughly 1.8 seconds, and has facilitated more than 2.9 million transactions.
Last month, the foundation disclosed the potential migration of the protocol’s native token, DYDX, from Ethereum to the about-to-be-launched dYdX Chain. After the announcement, a community member launched a snapshot vote to migrate DYDX to the new chain and adopt the dYdX v4 open-source software as the next version of the dYdX protocol. The community passed the vote with near unanimous support.
The mainnet launch of the dYdX Chain has been scheduled for the end of September. By the ...
|DYDX Is Up By 11% In A Week, But Investors Must Watch Out For This Event
DYDX, the native token of a decentralized exchange (DEX) with the same name, has been on a good run in the past few days. According to CoinGecko data, the cryptocurrency’s price jumped by 10.7% in the past week, reflecting a positive performance after an unfavorable start to August.
However, there has been rising concern that this spurt of bullish momentum may be short-lived. And the upcoming token unlock event is the primary source of this skepticism.
dYdX To Unlock $13.8 Million Worth Of Token In Single Event
Token unlock events are not a strange phenomenon in the cryptocurrency space, as many blockchain networks and decentralized finance (DeFi) protocols have a portion of their token supply locked - to be released periodically. DYDX is one of those tokens with a locked supply and its next token unlock event is happening on Tuesday, August 29.
In the latest iteration, the decentralized exchange will unlock $13.82 million worth of its native token to be distributed to its community treasury and rewards for liquidity providers and traders, according to data from Token Unlocks.
The token tracking dashboard shows that the DEX will release 6.52 million DYDX tokens, which accounts for 3.76% of the token’s current circulating supply.
Breaking this figure down, 2.49 million tokens - equivalent to $5.279 million at the current market price - will be allocated to the community treasury, which funds contributor grants, community initiatives, liquidity mining, ...
|Here is How dYdX Chain Validators and Stakers Will Keep the Ecosystem Un...
dYdX Foundation - the non-profit organization behind the popular decentralized exchange (DEX) DYDX - announced some requirements that chain validators and stakers must comply with to ensure maximum user protection.
Good practices are organized into six categories: Maximal Extractable Value (MEV), operations and security, performance, transparency, governance participation, and dYdX ecosystem consideration.
According to a recent blog post shared by dYdX Foundation, chain validators should not engage in MEV activities or advantage any trading parties over others.
'We expect that the dYdX community will take steps to disincentivize and punish bad actors who engage in MEV activities. As such, a delegator should consider that they may be impacted if they are delegating to a validator engaging in MEV,' the team behind the entity stated.
Validators should maintain high uptime, ensure their node is online, and keep mempools across the network more consistent 'to provide a better user experience for traders.'
Erratic behavior or misleading practices will not be tolerated.
Chain validators should minimize slashing risk by monitoring their nodes' performance. 'It's inadvisable to use 'sentries' given increased latency, but instead opt for a threshold signer,' the team added.
Other security practices include properly storing signing keys (they should be backed up in a separate location), implementing a system for alerting critical issues, participating in dYdX chain testnets, and opera...
|Wall Street Traders Are Using DeFi: Interview With dYdX Foundation's VP ...
Between the mismanagement, opacity, and regulatory attacks on centralized exchanges, crypto users are growing more incentivized to transition into decentralized finance (DeFi).
While plagued by a host of its own issues (hacks, thefts, market manipulation, etc.), DeFi allows market participants to conduct trade on a peer-to-peer basis using purely transparent smart contract code. As the sector develops, not only does user experience improve, but the number of products offered rises to meet those of traditional finance.
At EthCC Paris in July, CryptoPotato sat down with David Gogel, VP of Strategy and Operations at the dYdX Foundation. dYdX is one of the largest decentralized exchanges available today and draws the largest trading volumes for perpetual swaps than compared to other decentralized marketplace.
Gogel shares what he sees as the most exciting developments for dYdX going forwards, how Wall Street traders are already using the protocol, and the most likely way of onboarding new users to the ecosystem.
But first, let’s clarify where the name comes from. For many, the term 'dYdX' might raise eyebrows, but as Gogel explains, it's all about derivatives.
'dYdX is the math term for derivatives, so it just means derivatives. We've heard every pronunciation you can think of, and every capitalization like big D, small Y, dye-dix or did-ix, but it's pronounced D Y D X,' Gogel clarified.
A Shift from Wall Street to Crypto
With a Wall Street background, Gogel has been a pro...
|DYDX Announces New Date for Its Cosmos-Based Public Testnet
DYDX Foundation, the non-profit organization behind the popular decentralized exchange (DEX) DYDX, has announced a new launch date for the public testnet of its Cosmos-based blockchain as it prepares to exit the Ethereum ecosystem later this year.
According to the foundation, the testnet is set to go live next week on July 5, which is earlier than the previous schedule. The team estimated in March that the public testnet would launch by the end of July after the third milestone (private testnet).
DYDX Announces Public Testnet
The upcoming release is the fourth phase of DYDX's five-stage milestones to test its Cosmos-based blockchain before the full release of the mainnet.
During the private testnet, the team made several improvements to the network, including enabling documentation for market makers and validators, limit orders, dynamic funding rates, and ABCI 2.0 and other features of Cosmos-SDK.
The public testnet will allow users to test and explore more features, including accessing order books, account balances, order history, and market data. It will also include many validators running the network's software.
Although the upcoming testnet will initially support only Bitcoin and Ethereum markets, the project plans to expand the network to include at least 30 markets in the future.
'We are happy to announce that we completed Milestone 4 ahead of schedule! Our public testnet is set to go live on July 5 at 17:00 UTC. This public testnet will launch with Bitcoin and Ethereu...
|dYdX Extends 156 Million Token Lock-up Period by 10 Months
Decentralized cryptocurrency exchange dYdX has postponed plans to unlock nearly $300 million worth of dYdX tokens for investors, extending the lockup period from February until December.
Since the news broke, DYDX has surged by 24% on the day.
Extending the Lock-up Period
As announced by dYdX on Wednesday, the dYdX foundation, dYdX trading, and parties to the warrants for purchasing DYDX tokens signed an amendment to extend the transfer restriction schedule of said tokens. This included postponing their initial release date from February 3 to December 1.
“The warrant amendment mentioned above does not alter the staggered unlock that occurs after the initial unlock date,” the foundation clarified.
The dYdX foundation is a Swiss non-profit formed to bolster the growth of dYdX’s protocol ecosystem and communities. The protocol itself is governed by holders of DYDX – a governance token that simultaneously offers rewards to holders through token staking and trading fee discounts.
At present, only about 15% of DYDX’s total 1 billion token supply has entered circulation. The token’s initial allocation in August 2021 was partially reserved for investors in dYdX Trading, as well as the company’s present/future employees, founders, and consultants.
Going forward, the next token unlock will include a 30% unlock on December 1, followed by a 40% unlock spread between the first 6 months of 2024.
The first day of each month f...
|dYdX Could be Among Largest Beneficiaries From FTX Collapse: Report
The unforgivable mishandling of customer funds has left millions of users with trapped funds, crippled years of constructive industry reputation, and triggered new credit contagion risks.
Amidst this chaos, the native token of the decentralized crypto derivatives exchange, dYdX, has risen by more than 50% over the past week.
According to prominent crypto analytic firm, Santiment, DYDX has a chance to become a strong narrative in the coming weeks.
Aiding the price appreciation is the accumulation of addresses holding between 1,000 to 10,000 DYDX surging to an 11-month high. Data suggest that this cohort of investors has been piling up tokens since late September this year.
More interestingly, accumulation by the investors gained traction during the first week of November, around the same time FTX was embroiled in insolvency.
'They were able to do a great job, adjusting their position at the right time. Having strong nerves, they sometimes buy during a crash. They seem to be knowing what they doing so far.'
The tumbling of a great centralized crypto empire highlighted the need for decentralized infrastructures that not only offer users exposure to crypto assets but, more crucially - ownership.
The latest data of mid-tier holders accumulating DYDX may not necessarily mean the departure of investors from centralized crypto exchanges, but it does depict a greater reliance on DeFi structures.
Despite the shockwaves from the collapse, trading volumes on decentralized exchanges (D...
|dYdX Confirms Blocking Accounts Linked to Tornado Cash
Just days after the US Office of Foreign Assets Control (OFAC) barred American citizens from transacting with Tornado Cash, dYdX has revealed blocking accounts that had previously engaged with the coin mixer.
To comply with the new sanctions set by the OFAC, dYdX observed a significant increase in accounts flagged by one of its compliance vendors that were subsequently blocked. It cited that a certain portion of the funds in these account wallets had, in some way, interacted with Tornado Cash.
In its official blog post, dYdX maintained that the platform cannot seize customer funds. The ultimate custody of finds will remain at the hands of the users, who are free to withdraw at any given point. However, dYdX does have the ability to deploy their accounts in 'close-only' mode on its hosted matching engine.
It also clarified that many account holders that were banned in the process may have never even directly engaged with the now sanctioned coin mixing solution. dYdX has tweaked its compliance policies and unblocked certain accounts. Moving forward, the platform said it will work towards limiting flagging while monitoring this issue.
Emotions Running High
The recent compliance requirements have forced several platforms to take drastic measures. Ethereum infrastructure provider Alchemy obstructs users of Tornado Cash from accessing its nodes. Infura also followed suit by blocking remote procedure call (RPC) requests to it.
GitHub, for one, has courted controversy...
|Ethereum dYdX Will Launch Standalone Blockchain On Cosmos, Token Jumps 1...
Ethereum-based decentralized trading platform dYdX will be deployed as an independent blockchain on the Cosmos ecosystem. In the meantime, larger cryptocurrencies are facing hurdles and could continue to consolidate around their current levels.
DYDX is in a downtrend on a 4-hour chart. Source: DYDXUSDT Tradingview
The standalone blockchain is part of this platform’s fourth iteration, dYdX v4. The team behind the project expects to 'open source dYdX V4 by the end of 2022” but, as they clarified, this iteration will provide “critical” improvements so it will “require months of heads-down development”.
The team behind the Ethereum-based trading platform picked Cosmos and its Proof-of-Stake (PoS) Tendermint consensus because of its security, decentralization, customizability, cross-chain capacities, and leverage its scalability.
Thus, the platform will be able to process more transactions, and potentially increase its market share, amount of users, and trading volume while moving to its next development stage: full decentralization. The team behind the project said:
The main requirement for the V4 protocol is full decentralization. The decentralization of a system is equal to the decentralization of its least decentralized component. This means that every part of V4 needs to be decentralized while also remaining performant.
The ultimate objective, according to the announcement, is to make dYdX “one of the largest exchanges in all of the ...