Unlike the popular AMM model used DEXs like Uniswap, dYdX uses an order book model, allowing direct order matching similar to a. By combining zk-Rollups technology (StarkWare) on Layer 2 and later building its own chain, dYdX provides fast transaction speeds, low fees, and a smooth user experience.
From version V4, dYdX launched dYdX Chain – an independent blockchain using Cosmos' Tendermint consensus mechanism. On this chain, the network includes:
Validators: Verify transactions, maintain the order book, and create blocks. Full Nodes: Support data transmission, synchronize information, and enable chain access for external services like Indexers and APIs. dYdX is a decentralized trading platform specializing in derivative products, offering various trading options to serve different users. Its main products include h include:
The order book is managed managed by ddYdX Chain's node network, CEproviding a CECEX-like trading experience while maintaining decentralization. <>dYdX Perpetual PerpetualcContracts <>
Provide liquidity for the rewards for the, especially for insurance insurance and liquidpools. Streceiveakers receive rewards from of from transaction fees and sometimes from airairdrops or incentive programs. From late 2023, dYdX officially transitioned to its own chain using Cosmos SDK, with notable features:
Completely decentralized: All order books and order matching are operated by validators, no longer dependent on StarkEx as in v2. Gas fee in USDC: Instead of ETH, users pay gas fees on dYdX Chain using USDC, minimizing cost volatility. Speed and security: Separating the order book helps dYdX increase transaction speed and maintain security while preserving decentralization. dYdX Mobile App The official mobile app of dYdX supports smooth trading of perpetual contracts, providing a centralized exchange-like experience. The app is now available on both iOS and Android, supporting decentralized wallet connections and biometric security.
Decentralized Governance Protocol (DAO) DYDX token holders can participate in platform governance by voting on proposals, including:
Changing protocol parameters Reward distribution Approving new pools Ecosystem development direction of dYdX Chain In summary, the dYdX ecosystem focuses not only on derivative trading but also includes governance functions, staking, security, and comprehensive user experience through mobile app and its own blockchain. These are the factors that make dYdX one of the most prominent DeFi platforms today.
Highlights of dYdX No KYC required: Users can freely access without identity verification like CEX platforms. Decentralized and transparent: All trading activities are recorded on the blockchain. Integrated zk-STARKs technology: Helps process thousands of transactions quickly and safely on Layer 2. Transition to AppChain model: With the launch of dYdX Chain, the project completely owns data, order matching, and system rewards. Overview of dYdX Token and Tokenomics Token data
Token name: dYdX Ticker: DYDX Blockchain: Ethereum (v1 – v3), Cosmos SDK (v4) Standard: ERC20 Contract: 0x92d6c1e31e14520e676a687f0a93788b716beff5 Total supply: 1,000,000,000 DYDX Circulating supply (2025): ~ 610,000,000 DYDX Token allocation
50%: Community rewards & staking 27.7%: Investors 15.3%: Team & Advisors 7%: Future growth fund Token release schedule
Token utilities
Governance: Participate in voting on dYdX Chain. Staking: Stake to protect the network and receive rewards. Trading Rewards: Trading rewards, incentive programs. Discounts: Transaction fee reductions based on DYDX holdings. Validator management: Choose and vote for reliable validators. Roadmap On 13/03/2025, dYdX announced a new Roadmap with notable changes in both short-term and long-term
Short-term Enhance website and indexer reliability: Ensure dYdX products always operate stably with optimal performance. Instant transactions: Reduce deposit and withdrawal times from 20 minutes to instant through cross-chain bridges. New mobile interface: Optimize experience for individual traders. Trading function improvements: Add new order types like tiered pricing, TWAP (time-weighted average price), limit discounts, funding rate history, etc. dYdX will continue updating based on trader feedback. More transparency: Publish quarterly roadmaps and online progress updates every two weeks. Expand Cross Margin trading portfolio: Immediately add more new markets. Long-term Diverse asset trading: Expand to physical assets and prediction markets on dYdX. High-performance Spot Trading: IBC Eureka will soon support cross-chain bridges between Ethereum and dYdX, unlocking powerful spot trading capabilities. Diverse collateral assets: Support pledging with various assets through IBC on Ethereum and other blockchains. Expanded distribution: dYdX is deeply collaborating with multiple wallets and aggregation platforms to directly integrate perpetual contracts into their products, helping reach more traders. Community-driven tokenomics support: Increase DYDX utility, including transaction fee reductions, token buyback programs, etc. Native L1 support: With Cosmos SDK soon enhancing EVM support, dYdX will directly integrate smart contracts into its ecosystem. 
