dYdX (DYDX)
Last updated 30/10/2022
Official Website: https://dydx.exchange/
What is dYdX (DYDX)?
The layer 2 protocol of the self-titled non-custodial decentralized cryptocurrency exchange uses dYdX (DYDX) as its governance token. It helps layer 2 run more smoothly and enables traders, liquidity providers, and partners to help shape the protocol's future as a community. The platform's layer 2 is utilized for trading cross-margined perpetuals and is based on Starkwire's StarkEx scalability engine. The scaling approach enables dYdX to boost transactional efficiency, do away with gas expenses, cut trading commissions, and lower minimum trade sizes on the protocol.
dYdX (DYDX) combines decentralization and cutting-edge financial instruments. The platform provides margin trading, a financial service that allows investors to use leverage to increase their exposure to digital assets.
Retroactive mining advantages are a feature that dYdX introduces together with trading and liquidity provider rewards, enabling the platform to thank previous customers and encourage them to trade on layer 2 protocol. The holders may stake their tokens in the liquidity and safety pools of dYdX. The liquidity pool aims to draw in top-tier market makers, whilst the safety pool gives the platform a safety net in case of a shortfall occurrence.
Team
The founder and CEO of DYDX is an accomplished programmer with knowledge in blockchain technology named Antonio Juliano. He originally entered the cryptocurrency industry in 2015 after landing a job at Coinbase, a platform for trading cryptocurrencies. Antonio Juliano, a computer science graduate of Princeton University, started dYdX in early 2017 as part of his entrepreneurial adventure.
At dYdX, Zhuoxun Yin oversees operations. I have previously worked at Bain & Company and the social sales and marketing CRM Nimble. Zhuoxun Yin is a graduate of the University of Queensland with a bachelor's in business.
Roadmap
The platform now uses a hybrid approach in which some operations - most notably staking and governance - are managed by a variety of affiliated centralized servers, including Amazon Web Services, while other elements, like the off-chain order book and matching engine, are controlled by dYdX Trading Inc.
By the end of this year dYdX plans to become an open-source, community-governed, completely decentralized exchange.
In March 2022 launched a mobile App for iOS users, while Android users must wait till 2023.
Where to Store dYdX (DYDX)
dYdX (DYDX) tokens are built on the Ethereum network and can be stored in any wallet compatible with Ethereum-based ERC-20 tokens. Options to keep your dYdX (DYDX) secure and offline can therefore include the leading hardware wallet providers Ledger and Trezor. All ERC-20 tokens including dYdX (DYDX) can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software.
An alternative wallet provider for dYdX (DYDX) token holders can be Trust Wallet – a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place. Popular among traders and gamers, the beginner friendly mobile wallet may be appropriate for users looking for a convenience and accessible app, with trusted security and backup options.
Similarly, a user-friendly option to keep your $DYDX secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting your MetaMask wallet.
Where to Buy and Sell dYdX (DYDX)
You can Buy & Sell dYdX (DYDX) by heading over to the Buy Coins page of our website. dYdX (DYDX) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $DYDX has never been easier, simply place your order and provide your wallet address. Once your payment arrives dYdX (DYDX) will be sent directly to your wallet.
If you choose to Sell dYdX (DYDX) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.
dYdX (DYDX) Resources
Website: https://dydx.exchange/
Block Explorer: https://etherscan.io/token/
Twitter: https://twitter.com/dydx
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.