dYdX(DYDX)

Overview

dYdX is a decentralized derivatives protocol focused on perpetual futures trading. Founded in 2017 by Antonio Juliano, it originally operated on Ethereum using StarkWare's Layer 2 scaling technology. With the v4 release, the protocol migrated to its own Cosmos SDK-based Layer 1 blockchain known as the dYdX Chain, where the order book and matching engine run across a validator network.

The native DYDX token is used for governance voting, staking, and paying network fees. Validators and the users who delegate to them receive a share of protocol trading fees through staking, while changes to protocol parameters are decided by token holder votes. In 2024 the protocol introduced the 'dYdX Unlimited' upgrade, which added instant market listings and a liquidity feature called MegaVault.