dYdX

DYdX is a company that has developed a decentralized exchange for trading cryptocurrency assets. DYdX was founded by Antonio Juliano, an ex-Coinbase, ex-Uber engineer with a Princeton computer science background. The DYdX team has previous experience at Google, Bloomberg, Amazon, NerdWallet, Lyft, Facebook, and other companies.

DYdX is a part of dYdX Foundation, an independent not-for-profit foundation headquartered in Zug, Switzerland. The organization focuses on decentralized governance and developing layer 2 solutions for the blockchain.

DYdX has a platform that acts as a decentralized exchange for cryptocurrency. It is a trading platform powered by StarkWare. DYdX offers up to 25x leverage and runs on smart contracts on the Ethereum blockchain. The trading platform, which is also available in a mobile version, is free for users whose monthly transactions are under $100,000.

Introduction to dYdX

In August 2021, the protocol token of dYdx, $DYDX, went live. It is the governance token of the platform, giving holders the power to vote on issues.

DYdX also has a non-fungible token (NFT) project called Hedgies. In February 2022, 4,200 small, mammal-like avatars started being released to the cryptocurrency community. Members of the dYdX can benefit from holding one of these NFTs because they are part of the next phase of development for the organization. It is stated that the NFTs will be utilized in the future to act as an identity for users of dYdX.

DYdX has raised a total of $87 million USD in funding over four funding rounds from a16z, Polychain, Finlink Capital, Paradigm, Kronos Research, and other investors.