DYDX

Key Features

• Non-custodial trading: Operates on smart contracts, eliminating the need for intermediaries
• Perpetual futures: Offers leveraged trading on various cryptocurrencies
• Layer 2 scaling: Utilizes StarkWare's StarkEx technology for improved performance
• Governance token: DYDX token for platform governance and trader rewards

Technical Infrastructure

dYdX has evolved through several versions:

1. Initially launched on Ethereum mainnet
2. Migrated to a Layer 2 solution using StarkWare's StarkEx scalability engine
3. Announced plans for v4 on an independent Cosmos SDK-based blockchain

Trading Metrics

As of October 2024:

• 24-hour trading volume: $1.63 billion
• Supported assets: Over 35 cryptocurrencies including BTC, ETH, SOL, AVAX, MATIC
• Leverage: Up to 20x on major pairs like BTC and ETH, 10x on others

Fee Structure

• No deposit or withdrawal fees 2
• No gas fees on Layer 2 trading
• Maker-taker fee model based on trading volume
• Fee discounts available for DYDX token holders

Global Availability

dYdX is accessible worldwide, with exceptions including:

• United States
• Cuba, North Korea, Iran, Iraq
• Several other sanctioned countries

Future Developments

dYdX is transitioning to its own Cosmos-based blockchain (v4) to enhance performance and achieve full decentralization. This move aims to address scalability concerns and reduce reliance on Ethereum's Layer 2 solutions.

dYdX has established itself as a major player in decentralized derivatives trading, offering a robust platform for experienced traders seeking advanced crypto financial products in a non-custodial environment.

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