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dYdX

DYDX

dYdX

Decentralized Exchange

dydx

Twitter

Categories:

DeFi

Appchain

Derivatives

Perp

Ecosystem:

StarkEx

Cosmos

Region:

United States

Founded:

2017

dYdX is a decentralized exchange that provides users with key financial instruments, such as perpetuals, margin trading, spot trading, lending, and borrowing. It equips traders with off-chain order books and on-chain settlement, allowing them to short-sell tokens, increase exposure by leveraging long positions, and earn interest on deposited tokens for faster transactions.

dYdX Fundraising

Fundraising Event

Round	Amount	Date	Investors
Series C	65000000	Jun 15, 2021	Paradigm* QCP Capital Electric Capital Kronos Research Delphi Digital Three Arrows Capital CMS Holdings mgnr Andreessen Horowitz Wintermute Polychain HashKey Capital Finlink Capital Menai Financial Group StarkWare CMT Digital
Series B	10000000	Jan 26, 2021	Three Arrows Capital* DeFiance Capital* Scalar Capital Fred Ehrsam RockTree Capital Hashed GSR Andreessen Horowitz Kindred Ventures The Spartan Group Wintermute Polychain 1confirmation Elad Gil
Series A	10000000	Oct 20, 2018	Polychain* Andreessen Horowitz* Kindred Ventures Craft Ventures Fred Ehrsam Dragonfly VY Capital 1confirmation Bain Capital Ventures Elad Gil Kevin Hartz Naval Ravikant Abstract Ventures
Seed	0	Dec 20, 2017	Polychain* Andreessen Horowitz* Kindred Ventures Brian Armstrong Fred Ehrsam 1confirmation Aspect Ventures Avichal Garg Scott Belsky Elad Gil

Investor

dYdX Team

dYdX

DYDX

Add

-5.17%

Total dollar volume24H

$15,036,150

High24H

0.7098 USDT

Low24H

0.6348 USDT

Market Cap

#121$494,081,670

FDV

$612,285,184

Market Cap / FDV Ratio

0.81

Turnover rate

3.04%

Circulating supply

773,331,774

Total supply

958,342,751

Max supply

1,000,000,000

All time high

0.7226 USDT

All time high date

Aug 22, 2025

Down from All time high

-11.58%

Cycle low

0.609 USDT

Cycle low date

Aug 22, 2025

Up from cycle low

4.91%

Contracts

Official links

Socials

Introduction

dYdX is a leading decentralized exchange that currently supports perpetual trading over 35 popular cryptocurrencies including BTC、ETH、DOGE and so on with up to 20x leverage. It runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries.

dYdX was founded by Antonio Juliano, a California-based entrepreneur, in August 2017. The exchange was launched in July 2017 initially offering crypto margin trading, lending and borrowing services over Ethereum Layer 1.

August 2021, dYdX started offering cross-margin perpetual trading, users can repurpose their available balance on the platform to provide liquidity to existing trades — a popular method to avoid liquidations during high volatility.

In July 2023, dYdX released its V4 testnet. According to the initial roadmap, the launch of the dYdX V4 mainnet is expected to be completed by the end of September 2023. The V4 version will turn dYdX into an independent Layer 1 in the Cosmos ecosystem, with greater customization permissions, and also greater control over its native tokens.

As of 2024, dYdX has made significant strides in decentralizing its operations with the launch of its V4 mainnet, which transitions the platform to an independent Layer 1 blockchain in the Cosmos ecosystem. This shift is a key step toward fully decentralizing the governance and control of the protocol. The V4 release also marks the debut of dYdX’s own proof-of-stake (PoS) blockchain, which introduces a highly customizable, scalable infrastructure designed specifically for decentralized derivatives trading. Validators and community members now have more control over network governance, further enhancing the platform's security and decentralization.

In addition to these developments, dYdX is focused on expanding its feature set, including Permissionless Markets, which will allow users to list and trade any asset as long as an oracle price is available. This innovation is expected to significantly increase the number of markets available on the platform. Furthermore, the team is working on improving user experience and onboarding through new trading features, wallet integrations, and streamlined processes to make it easier for both new and experienced traders to participate in the ecosystem.

Above are only for introduction, not intended as investment advice.

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