About dYdX (ethDYDX) (ETHDYDX)
dYdX, founded by Antonio Juliano in July 2017, is a decentralized finance (DeFi) platform. The current version, dYdX v3, uses its layer-2 decentralized exchange (DEX) built on Ethereum. The platform's architecture aims to optimize transaction efficiency, reduce costs, and enhance scalability.
dYdX provides various trading services. This includes perperual contracts, margin and spot trading, and the ability to lend and borrow money. All these services reflect dYdX's aim to create a fair, open and safe money system.
Migration to the dYdX Chain
On October 26, 2023, the dYdX Chain, a proof-of-stake network using the Cosmos SDK and CometBFT for consensus, was launched with its first block. The community decided to use DYDX as the main asset for staking, security, and governance voting. The bridging of ETHDYDX coins onto the dYdX Chain through the wethDYDX smart contract is crucial. Overall, this is an important step in dYdX's mission to become more decentralized and community-driven.
Enabling cooperative control of dYdX v3, $ethDYDX empowers traders, liquidity providers, and dYdX partners to collaboratively optimize the workings of dYdX v3. The price of $ethDYDX is updated in real time on Binance.
