About dYdX
dYdX is a decentralized derivatives exchange for non-custodial, leveraged trading in crypto perpetual futures. Traders post collateral and trade without a centralized intermediary. Antonio Juliano founded the project in 2017 as a decentralized margin trading and lending protocol on Ethereum. It later shifted its focus to derivatives. The DYDX governance token, an ERC-20, launched in August 2021. A total of 1 billion tokens were minted, scheduled to unlock over roughly five years. The dYdX Chain, the project's fourth major version, produced its genesis block on October 26, 2023. It is a purpose-built Cosmos SDK blockchain using CometBFT proof-of-stake consensus, with an off-chain order book and on-chain settlement. DYDX is the native Layer-1 token of this chain, used for staking to secure the network, governance of protocol parameters, and receiving a share of trading fees. Staking rewards to validators and delegators are paid in USDC from trading fees rather than through new token issuance. The total supply remains hard-capped at 1 billion DYDX with no ongoing minting documented.
Arcus halves perpetuals fee tier thresholds as beta discounts end
The changes may benefit mid-sized traders but could increase costs for smaller accounts, impacting their trading strategies and profitability.
Arcus joins Robinhood Wallet’s Stock Token lineup as volume tops $5 billion
The integration of Arcus with Robinhood Wallet enhances 24/7 blockchain-based stock trading, potentially disrupting traditional market hours.
GMGN launches public beta for perpetual trading product
GMGN's entry into the derivatives market could disrupt established players by offering competitive fees and yield incentives, reshaping user dynamics.
Hyperliquid’s monthly active addresses hit all-time high of ~291,900
Hyperliquid's growth in active addresses highlights its competitive edge in decentralized trading, but may invite increased regulatory scrutiny.
Injective USDC becomes canonical USDC standard across Cosmos ecosystem including dYdX
The adoption of Injective USDC as the standard across Cosmos could streamline operations but introduces a single point of dependency risk.
Kraken reports stuck withdrawals as funding problems hit 23 services
Kraken's ongoing operational issues could undermine user trust and complicate its ambitions for deeper integration with traditional finance.
A sourced map of dYdX's relationships is on the way.
Partners, competitors and related assets, each link independently verified and source-linked before it appears here.
The Crypto Briefing podcast is on the way.
Conversations on dYdX and the wider market, hosted by our team, will appear here once episodes are live.