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Information about "dYdX (ethDYDX)"
What Is DYDX (dYdX)?
DYDX, or $ethDYDX, is a governance token based on Ethereum, granting the dYdX community the power to control the dYdX Layer 2 Protocol, known as "dYdX v3," which is constructed on the Ethereum network. Currently, there is a transition underway to move ethDYDX from Ethereum to the dYdX Chain. For further details, click here. To migrate ethDYDX to the dYdX Chain DYDX for staking, security, and governance support, you can check the how-to-bridge guide here.
Interested in learning about the new token utility for the dYdX Chain DYDX? Check out the blog here.
Acting as the governance token for the layer 2 protocol on Ethereum, ethDYDX empowers traders, liquidity providers, and partners to collaborate in enhancing dYdX v3.
Leveraging StarkWare's StarkEx scalability engine, the platform uses layer 2 for trading cross-margined perpetuals. This solution boosts transaction speed, eliminates gas fees, reduces trading costs, and lowers minimum trade sizes.
A total of 1,000,000,000 ethDYDX tokens were minted, with accessibility beginning over a five-year period starting on August 3, 2021, at 15:00:00 UTC.
Interested in learning about the new token utility for the dYdX Chain DYDX? Check out the blog here.
Acting as the governance token for the layer 2 protocol on Ethereum, ethDYDX empowers traders, liquidity providers, and partners to collaborate in enhancing dYdX v3.
Leveraging StarkWare's StarkEx scalability engine, the platform uses layer 2 for trading cross-margined perpetuals. This solution boosts transaction speed, eliminates gas fees, reduces trading costs, and lowers minimum trade sizes.
A total of 1,000,000,000 ethDYDX tokens were minted, with accessibility beginning over a five-year period starting on August 3, 2021, at 15:00:00 UTC.
Who Are the Founders of dYdX?
Antonio Juliano, a seasoned programmer with a strong background in blockchain technology, founded and serves as the CEO of dYdX Trading Inc. His journey into the crypto world began in 2015 when he joined Coinbase, a leading cryptocurrency exchange platform, as a software engineer. After graduating from Princeton University with a degree in computer science, Antonio Juliano embarked on his entrepreneurial path, establishing dYdX in early 2017.
What Makes dYdX Unique?
The dYdX Layer 2 network is unique due to its enhancement of scalability through the use of zkSTARKS, a zero-knowledge rollup technology. This system processes transaction batches off-chain, generating proofs that are then sent to the blockchain for smart contract verification. By utilizing zkSTARKS, dYdX can offload costly computations from the main network without compromising decentralization.
What is the allocation of ethDYDX?
A total of 1,000,000,000 ethDYDX tokens were minted, and their accessibility commenced over a five-year span starting on August 3, 2021, at 15:00:00 UTC.
Initially, the five-year allocation of ethDYDX's total supply was distributed as follows:
- 27.7% for Investors
- 14.5% for User Trading Rewards
- 15.3% for Employees and Consultants of dYdX Trading or Foundation
- 5.0% for Retroactive Rewards
- 5.2% for Liquidity Provider Rewards
- 7.0% for Future Employees & Consultants of dYdX
- 24.2% for Community Treasury
- 0.6% for Liquidity Staking Pool
- 0.5% for Safety Staking Pool
Since ethDYDX's launch, several governance proposals have modified the original allocation. The updated allocation as of Epoch 31 (starting December 19, 2023) is depicted in the pie chart below.
Here's the revised allocation of ethDYDX tokens as of the beginning of Epoch 31 (December 31, 2023):
Initially, the five-year allocation of ethDYDX's total supply was distributed as follows:
- 27.7% for Investors
- 14.5% for User Trading Rewards
- 15.3% for Employees and Consultants of dYdX Trading or Foundation
- 5.0% for Retroactive Rewards
- 5.2% for Liquidity Provider Rewards
- 7.0% for Future Employees & Consultants of dYdX
- 24.2% for Community Treasury
- 0.6% for Liquidity Staking Pool
- 0.5% for Safety Staking Pool
Since ethDYDX's launch, several governance proposals have modified the original allocation. The updated allocation as of Epoch 31 (starting December 19, 2023) is depicted in the pie chart below.
Here's the revised allocation of ethDYDX tokens as of the beginning of Epoch 31 (December 31, 2023):
How Is the dYdX Network Secured?
DYDX operates as an ERC-20 token on the Ethereum mainnet. The layer 2 scaling solution of dYdX utilizes StarkWare's ZK-STARKS technology, relying on the Ethereum blockchain to verify transaction proofs.
When Will DYDX Trading Begin?
DYDX tokens first became available for trading in September 2021.
Where Can You Buy DYDX?
DYDX tokens can be purchased on a variety 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.
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