dYdX Price (DYDX)#171
The market capitalization of a cryptocurrency is its current price multiplied by its circulating supply (the total number of mined coins).Market Cap = Current Price x Circulating Supply.
Volume 24h is referring to the total amount of a cryptocurrency traded in the previous 24 hours.
Available supply or circulating supply is the best approximation of coins or tokens in circulation and publicly available.
The total supply of a cryptocurrency is referring to the total amount of coins in circulation or locked minus the removed ones.Total supply = Onchain Supply - Coins Removed from Circulation
The fully diluted market value is referring to a cryptocurrency's market cap when/if its total supply is issued.
dYdX Price Update
dYdX price is $2.32 , down 0.04% in the last 24 hours, and the live market cap is $274.3M . It has a circulating supply volume of 118,078,486 DYDX coins and a max. Supply volume of 1,000,000,000 DYDX alongside $274.3M 24h trading volume.
The addresses and transactions of dYdX can be explored in https://etherscan.io/token/0x92D6C1e31e14520e676a687F0a93788B716BEff5 and https://ethplorer.io/address/0x92D6C1e31e14520e676a687F0a93788B716BEff5 .
dYdX website is https://dydx.exchange/.
dYdX is one of the leading decentralized exchanges built on the Ethereum blockchain. It's a non-custodial crypto trading platform delivering key financial instruments to users such as perpetuals, margin, spot trading, lending, borrowing, and making bets on the future prices of popular cryptocurrencies.
dYdX is designed to bring the standard trading features of a centralized exchange to the world of blockchain. In so doing, it combines the security and transparency of a decentralized exchange with the speed and usability of a centralized exchange.
The protocol has its native governance token, DYDX, which allows network participants to control future developments, gain mining rewards, and receive trading discounts on its exchange.
Check the real-time DYDX price, market cap, circulating supply, trading volume, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats, one of the best crypto platforms around.
CoinStats is a cryptocurrency research and portfolio tracker app that provides valuable information on cryptocurrency news and investment advice to help investors make better decisions.
Read on to learn everything you need to know about the dYdX project and the DYDX cryptocurrency.
What Is DYDX
dYdX is a decentralized exchange that supports spot, margin, and perpetuals trading. It's an open-source, trustless, and non-custodial platform powered by smart contracts on Ethereum that supports lending, borrowing, and most importantly, margin trading.
dYdX provides users with off-chain order books with on-chain settlement and allows them to short-sell tokens, earn interest on deposited tokens, and much more.
Anyone can use dYdX without registering, KYC, and any other identity verification form or handing over their assets to a central party. Users control their data through their private keys.
In 2020, dYdX announced a partnership with blockchain scalability and privacy-focused tech company StarkWare and leveraged StarkWare's Layer 2 to eliminate the need to trust a centralized exchange while trading.
DYDX, the native token of the protocol, serves as a means of decentralized governance, staking, reward distribution, and trading discounts.
Instant operations and reduced trading fees are available on the network due to an upgrade.
dYdX aims to be an exchange where users can own their trades and, eventually, the exchange itself. It was founded in July 2017 by Antonio Juliano, a software engineer whose professional background includes roles at Coinbase, MongoDB, and Uber.
dYdX started with the Layer 1 product (Solo) launch, which supported lending, borrowing, and margin trading on Ethereum.
In 2021, dYdX launched a closed alpha for its new Layer 2 cross-margined Perpetuals product built on StarkWare's StarkEx scalability engine.
In August 2021, dYdX Trading Inc. announced the creation of the dYdX Foundation. The dYdX Foundation deploys governance smart contracts and issues the DYDX governance token. It supports community research and education and also manages the dYdX community treasury.
The project investors are Andreessen Horowitz, Paradigm, Polychain capital, and Coinbase CEO Brian Armstrong.
On September 8, 2021, dYdX launched DYDX, its native token. Currently, dYdX is one of the leading crypto trading platforms with over $1 B in total value locked.
How Does dYdX Work
dYdX is based on the Ethereum blockchain. The exchange combines Ethereum's security with fast and low-cost transactions via its Layer 2 network.
The L2 protocol uses the scalability solution StarkEx and Perpetual smart contracts of dYdX. Perpetuals are essentially crypto derivative swapping contracts based on the speculation on the future price of cryptocurrencies without expiration dates. dYdX allows up to 25X leverage.
Instead of individual borrowers and lenders making and accepting loan offers, there is one global lending pool per supported asset on dYdX. The lending pool is managed by smart contracts, so withdrawing, borrowing, and lending can happen at any time without needing to wait for matches or sufficient capital. The supply and demand for each asset determine the interest rates of each asset.
The protocol achieves decentralized governance through its native ERC 20 token DYDX.
The total supply of DYDX is 1 billion tokens. 7.5% of the initial supply was airdropped to previous users of the DEX.
How to Buy DYDX
Trading DYDX is available on various exchanges, including Binance, MEXC, OKEX, Latoken, FTX, etc.
Trading volume differs on various exchanges.
Unlike other leading cryptocurrencies, DYDX cannot be directly purchased with fiat money. You need first to buy Bitcoin, ETH, or another popular coin from any fiat-to-crypto exchange and then transfer it to the exchange that supports DYDX.
Follow these steps to buy DYDX:
Step 1: Register on Fiat-to-Crypto Exchange.
Step 2: Buy Bitcoin BTC with fiat money. Once you finish the KYC process, you will need to add a payment method. You can provide a credit/debit card or use a bank transfer. Depending on the country of your residence, some countries will offer instant cash deposits with low fees. Now you can buy BTC.
Step 3: Transfer BTC to an Altcoin Exchange. Since DYDX is an altcoin, you must transfer your coins to an exchange that trades DYDX in various market pairs. Deposit BTC to the exchange, and you're all set to purchase DYDX.
Step 4: Acquire a hardware wallet: If you plan to keep your DYDX for a considerably long time, you may want to store them in a wallet securely. Hardware wallets like Ledger Nano S and Ledger Nano X are the most popular options in this category.
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