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dYdX Overview
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About dYdX
dYdX enables users to engage in perpetual contract trading with high leverage, allowing speculation on cryptocurrency price movements without expiration dates. Operating under a non-custodial model, it ensures users maintain full control over their assets. In November 2024, dYdX launched "dYdX Unlimited," introducing features such as instant market listings, the MegaVault liquidity engine, revamped trading rewards, and lifetime affiliate commissions, setting a new standard for decentralised trading.
The migration to the dYdX Chain marked a significant evolution for the DYDX token. Initially serving as a governance token on the Ethereum-based dYdX platform (dYdX v3), DYDX has become the native token of a standalone proof-of-stake blockchain network. This transition broadens its functionalities to include staking for network security and active participation in governance.
Key highlights of the migration and expanded utility include:
- dYdX Chain Adoption: The dYdX community voted to adopt DYDX as the Layer 1 token of the dYdX Chain, transitioning from ethDYDX to a broader role in the new network.
- Fee Distribution: On the dYdX Chain, all collected fees (trading and gas fees) are distributed to Validators and Stakers, aligning incentives for network security and participation.
- Gas-less Trading: Trading on the dYdX Chain does not incur gas fees for transactions; only maker and taker trading fees in USDC apply.
- Genesis Event: The first block of the dYdX Chain was created by Genesis Validators, marking the official launch of the network and the beginning of DYDX's new functionalities within this ecosystem.
This evolution from a governance token to a Layer 1 protocol token underscores the dYdX community's commitment to creating a decentralised and secure platform for advanced trading in the crypto market. The dYdX Chain, built using the Cosmos SDK and leveraging CometBFT for consensus, represents a significant step towards a decentralised financial system where the community plays a pivotal role in shaping the network's future.
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Learn About dYdX
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Crypto News NavigatorApr 9, 2026Often Discussed Alongside dYdX
Tokens that appear with dYdX in our academy articles.
dYdX Market Data
The live dYdX price today is $0.15 USD with a 24-hour trading volume of $8,397,083.90 USD. We update our DYDX to USD price in real-time. dYdX is up 7.06% in the last 24 hours.
The current market cap is $115,093,432.85 USD, ranking #198 by market capitalization. The circulating supply is 810,826,667 DYDX.