dYdX is an innovative decentralized exchange (DEX) platform that revolutionizes the world of cryptocurrency trading. With a focus on privacy and security, dYdX offers perpetual trading options for more than 35 popular cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Cardano. Built on the Ethereum layer 2 system StarkWare, dYdX utilizes advanced zero-knowledge proofs (ZK) to provide a decentralized and secure trading experience.
Founded by entrepreneur Antonio Juliano, dYdX originally introduced crypto margin trading, lending, and borrowing services on the Ethereum layer-1 in 2017. Since then, it has evolved into a leading decentralized exchange, boasting impressive trading volume and market share globally. In August 2021, the platform expanded its offerings to include cross-margin perpetual trading, empowering users to allocate their available balance to provide liquidity and avoid liquidations during volatile market conditions.
Distinct from other decentralized exchanges like Uniswap or SushiSwap, dYdX specializes in perpetuals, which are derivative contracts deriving their value from underlying assets. These perpetual swap trading contracts enable traders to speculate on the future value of an asset without the limitations of expiration dates. By leveraging Ethereum smart contracts and Starkware’s STARK (zero-knowledge) Rollups, dYdX ensures transparency in its operation.
To enhance decentralization, dYdX has embraced trustless protocols that are publicly extensible without requiring permission. Its commitment to community engagement is evident through the introduction of dYdX, the governance token for the dYdX protocol. Traders can earn dYdX tokens by participating in trading activities on the DEX, receiving rewards from fees and open interest.
The dYdX community arm presents users with opportunities to stake their existing crypto holdings and earn yield in dYdX, the platform’s native governance token. Through liquidity and safety pools, users can contribute to dYdX’s liquidity and be rewarded with USDC. dYdX tokens play a pivotal role in community voting and governance initiatives, allowing holders to influence module upgrades, restorations, and grants. Crypto enthusiasts can also invest in dYdX tokens through popular exchanges like Kraken and Coinbase, supporting the growth and development of the dYdX ecosystem.
dYdX stands out with its venture into NFTs. Introduced in February 2022, dYdX’s NFT collection, called Hedgies, showcases unique animated hedgehog designs crafted by renowned digital artists Anna and Arek Kajda. These exclusive NFTs are distributed to users based on their trading statistics and contributions to the dYdX community. Owning a Hedgies NFT entitles users to special perks while trading on dYdX. The process of minting Hedgies is cost-effective, requiring only gas fees, and serves as a way to reward users for their achievements and engagements within the platform.
NFT Prizes 