What Is the dYdX Chain?
The dYdX Chain is a proof-of-stake blockchain built using the Cosmos SDK, with CometBFT handling consensus. Key features include:
- High-speed trades (2,000+ transactions per second).
- Fully decentralized orderbook and matching engine.
- Open-source protocol and frontend.
- Enhanced rewards for traders and stakers.
Reward Mechanisms
- Trading Rewards: Earn DYDX tokens.
- Staking Rewards: Primarily paid in USDC.
- Launch Incentives: 20M USD in DYDX (6-month program).
👉 Learn more about dYdX Chain rewards
The DYDX token serves as the L1 protocol token for network security and governance.
Who Are the Founders of dYdX?
Antonio Juliano (CEO) founded dYdX in 2017. With a computer science degree from Princeton and experience at Coinbase, he spearheaded the platform’s evolution into a decentralized exchange.
Where Is dYdX Available?
- Headquarters: New York (dYdX Trading Inc.) / Zug, Switzerland (dYdX Foundation).
- Restricted Countries: Includes Cuba, Iran, Syria, and others. Check the official blog for updates.
Supported Coins on dYdX
33 active markets, including:
- Ethereum (ETH)
- Bitcoin (BTC)
- Solana (SOL)
- Avalanche (AVAX)
dYdX Chain Fees
Fees differ from v3. For a breakdown, refer to the fee structure analysis.
Leverage Trading on dYdX
Traders can use 20X leverage for long/short positions on active markets.
Migrating DYDX to dYdX Chain
The wethDYDX Smart Contract enables migration from Ethereum:
- Lock ethDYDX permanently.
- Receive wethDYDX (1:1 ratio).
- Validators distribute DYDX on the dYdX Chain.
FAQ
Q1: Can UK users access dYdX?
A: No, the UK is currently restricted.
Q2: What’s the max leverage on dYdX?
A: 20X.
Q3: How are staking rewards paid?
A: Mostly in USDC.
Q4: Is the dYdX Chain fully decentralized?
A: Yes, including its orderbook and matching engine.