dYdX (DYDX)

Trading

dYdX is a decentralized exchange where users can trade crypto perpetual contracts, margin, and spot trading. It offers advanced trading features like leveraged tokens and up to 25x leverage on various cryptocurrencies such as BTC, ETH, and more.

Governance

Holders of dYdX tokens can participate in the platform’s governance by voting on proposals related to protocol upgrades, fee changes, and other important decisions that shape the future of dYdX.

Rewards and Staking

Users earn dYdX tokens as rewards for trading, providing liquidity, and staking assets like USDC in liquidity and safety pools. Staking dYdX tokens can also grant additional rewards and benefits.

Fee Payment

dYdX tokens can be used to pay for trading fees on the platform, often providing discounts based on the amount held.

Technology

dYdX operates on its own blockchain built on Cosmos, offering fast, low-cost trades with a decentralized off-chain order book that scales with the platform’s growth.

Pros of dYdX

• Full control over funds without intermediaries, meaning users keep ownership of their assets.
• Competitive fees with zero gas costs on Layer-2 thanks to zk-rollups technology, which also speeds up transactions.
• Offers advanced trading features like perpetual futures contracts and leverage up to 25x.
• Easy-to-use platform with both web and mobile apps available.
• Transparent and competitive fee structure based on the maker/taker model.
• Supports spot trading with a growing number of cryptocurrencies traded against USD.
• No KYC required for many users, enhancing privacy.
• Strong focus on decentralization and security.

Cons of dYdX

• Limited number of cryptocurrencies available compared to large centralized exchanges.
• Not available to US traders due to regulatory restrictions.
• Lending interest rates can fluctuate quickly because they depend on supply and demand.
• Limited margin trading pairs compared to some competitors.
• No fiat on-ramp; users must deposit crypto from external wallets.
• Some features and asset availability are still expanding and improving.

For more details, visit the official dYdX website.

Founders

dYdX was founded by Antonio Juliano in 2017. He is the sole founder behind the project.

Leadership

Antonio Juliano has served as CEO and remains a key leader, recently returning to the CEO role after a brief hiatus.

Institutional Investors

dYdX has around 41 institutional investors. Some of the main ones include Paradigm (lead investor in the latest round), a16z (Andreessen Horowitz), Polychain Capital, Bain Capital Ventures, Wintermute Ventures, and Three Arrows Capital.

Angel Investors

There are about 6 angel investors, including well-known names like Naval Ravikant.

Other Investors

In total, dYdX has raised $87 million from 47 investors across 4 funding rounds. Other investors include Hashkey Exchange, StarkWare Industries, Arbelos Markets, Big Candle Capital, PANONY, and Quantstamp.

Halal Status of dYdX

• Yes, dYdX can be considered halal by some Islamic scholars because it is a governance token for a decentralized exchange protocol, and using it for spot trading aligns with Islamic finance principles.
• However, activities like margin trading or earning interest-like rewards on dYdX may not be halal according to some interpretations.
• The halal status depends on how the token is used and the specific Islamic rulings followed.