What Is DYDX (dYdX)?
DYDX, also known as dYdX, operates as a governance token within the dYdX community, governing the dYdX Layer 2 Protocol established on Ethereum, commonly referred to as "dYdX v3." Currently, ethDYDX, an Ethereum-based token, serves as the medium for this governance. However, an ongoing migration process is transitioning ethDYDX to the dYdX Chain. Further details about this migration process can be found here.
Who Are the Founders of dYdX?
The brain behind dYdX is Antonio Juliano, an adept programmer with a profound background in blockchain technology. Antonio initiated his journey into the crypto domain in 2015 when he secured a position as a software engineer at Coinbase, a prominent cryptocurrency exchange. Armed with a degree in computer science from Princeton University, Antonio Juliano embarked on his entrepreneurial venture, founding dYdX in early 2017.
What Makes dYdX Unique?
dYdX's Layer 2 framework enhances network scalability through the utilization of zero-knowledge rollup technology, specifically zkSTARKS. This innovative technology facilitates the validation of transaction batches off-chain, subsequently transmitting proofs to the blockchain for verification by smart contracts. By implementing zkSTARKS, dYdX effectively mitigates gas costs, bolsters transaction speed, reduces trading fees, and lowers minimum trade sizes, all without compromising decentralization.
What Is the Allocation of ethDYDX?
A total of 1,000,000,000 ethDYDX tokens were initially minted, becoming accessible over a five-year period commencing on August 3rd, 2021, at 15:00:00 UTC. The allocation of ethDYDX is divided across various categories, including investors, user trading rewards, employees and consultants, retroactive rewards, liquidity provider rewards, future employees and consultants, community treasury, liquidity staking pool, and safety staking pool.
How Is the dYdX Network Secured?
DYDX operates as an ERC-20 token deployed on the Ethereum mainnet, while its Layer 2 scaling solution is anchored on StarkWare's ZK-STARKS technology. This infrastructure relies on the Ethereum blockchain to validate transaction proofs, ensuring the network's security and integrity.
When Will DYDX Trading Begin?
DYDX tokens first became available for purchase in September 2021.
Where Can You Buy DYDX?
DYDX is currently tradeable on a multitude of exchanges, including Binance, Huobi Global, KuCoin, Gate.io, Kraken, Poloniex, Uniswap (V3), OKEx, LBank, Sushiswap, Crypto.com Exchange, 0x Protocol, XT.COM, BitZ, WhiteBIT, 1inch Exchange, WOO Network, CoinDCX, Deepcoin, Cryptology, BKEX, DigiFinex, Pionex, BW.com, BitMart, AEX, ZBG, MEXC, BiONE, Bibox, Hoo, Hotbit, Decoin, Bitrue, HitBTC, Tokocrypto, Mandala Exchange, CoinW, BigONE, ZT, AOFEX, WBF Exchange, CoinBene, and Bitget.
For individuals new to the cryptocurrency sphere, detailed guides on entering the market and purchasing BTC, DYDX, or any other token are available on CoinMarketCap's education portal — Alexandria.
Migration to the dYdX Chain
dYdX Trading Inc. recently announced the introduction of the dYdX Chain Open Source Software on June 22, 2022. This iteration introduces a proof-of-stake blockchain network known as the dYdX Chain. The migration from Ethereum to the dYdX Chain is facilitated through the wethDYDX Smart Contract, enabling users to seamlessly transition their ethDYDX tokens. Validators on the dYdX Chain play a pivotal role in securing and governing the network, with ethDYDX holders participating in staking activities to contribute to the network's stability and governance. Further information regarding the migration process can be accessed here.
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