What is DYDX?

dYdX is the world's first decentralized digital currency derivatives trading platform. The platform aims to build more open, transparent and secure financial products through decentralized technology, and will develop regulatory compliance methods on its platform.

The dYdX open protocol is based on 0X and Ethereum and is driven by smart contracts. Unlike other popular AMM models in DeFi derivatives trading protocols, dYdX adopts a relatively traditional order book model to provide users with top order types.

On August 30, 2021, dYdX's nearly 24-hour trading volume exceeded US$1.04 billion, surpassing PancakeSwap V2 and Uniswap V3, ranking first in DEX trading volume.

Advantages: order book model, decentralized contract model. In the decentralized derivatives world, there are not many exchanges that currently provide perpetual contracts, and dYdX's advantages are obvious. Compared with centralized exchanges, dYdX does not have to worry about platform evil, embezzlement of user assets, running away, etc., and can avoid many potential moral risks. In addition, dYdX transactions do not require KYC. You only need an Ethereum wallet and a connection to start trading, eliminating the tedious authentication steps.