$DYDX DYDX token serves as the core governance and staking asset of the dYdX Chain. It distributes the real transaction fees generated by the protocol (in the form of USDC) to stakers, and through governance, uses 75% of the net protocol fees to buy back DYDX on the open market and stake it, creating a sustainable value loop of “fees generated from transactions → fee-repurchase tokens → token staking to ensure security.” This directly anchors token demand to the platform’s real business performance rather than inflationary incentives.