dYdX Price

What Is dYdX?

dYdX is a decentralized exchange that uses smart contracts on the Ethereum blockchain. This exchange offers perpetual trading with no fees, and completes transactions without an intermediary. It stands apart by offering more than 20 times more buying power. In addition, it uses protocols for margin trading, options and governance. Since its launch, dYdX has served more than 64,000 traders with more than $11 billion in volume.

What Is DYDX?

DYDX is the protocol token of the dYdX exchange. It launched in 2021 on Ethereum. The dYdX coin serves as the basis for community governance. It also rewards liquidity mining activities, staking, safety staking and trading fees. DYDX can be earned through the protocols or by staking. It can also be purchased on exchanges like Bybit. Those who hold DYDX qualify for discounted trading fees. The amount of the discount is based on how many coins you hold.

Who Is the Founder of dYdX?

The dYdX exchange was founded in July 2017 by Antonio Juliano. Major investors include Bain Capital Ventures, DeFiance Capital, Polychain Capital and Delphi Digital. Altogether, the project has raised more than $87 million in funding.

Why Is DYDX Valuable?

The dYdX exchange is a decentralized platform that supports margin trading for major assets like BTC, DOT, SOL, ETH and others. Through its Layer 2 on StarkWare, trades are completed instantaneously and at a minimal cost. This exchange is widely preferred by crypto traders for perpetual trading because it’s permissionless, trustless and supports leverage. Some of its popularity is also rooted in the fact that it’s an alternative to Bitfinex, and BitMEX. 

DYDX Price and Tokenomics

One billion dYdX crypto coins have been minted. Over the five years following the launch in August 2021, the coins are being released in stages. The initial release included 50% to the community, 27% to past investors, 15% to founders and employees and the remaining amount to future consultants and employees. After the release of all coins, the community will decide if additional coins will be minted.

Of the 1 billion DYDX minted, 155.6 million coins are in circulation. The market cap is $374.24 million, and the current DYDX price as of April 2, 2023, is $2.44. This is a 1.22% decline over the last 24 hours.

According to WalletInvestor.com, the dYdX coin price is expected to drop by 10% by the end of 2023. In addition, there’s a chance that dYdX could crash over the next several years. WalletInvestor does not predict the price will reach $10 within the year.

On the other hand, PricePrediction.net offers a different price projection. By the end of 2023, it predicts that the DYDX price will be $2.91. This may increase to $6.51 by 2025 and $37.14 by 2030. The differences in these predictions express the considerable volatility of cryptocurrency prices.

How to Store DYDX

The dYdX crypto coin can be stored in several wallets, including Coinbase, Ledger and MetaMask. The preferred wallet must be linked to a dYdX trading account, and properly funded before trades can be placed. The actual trading experience will be based on whether the activity occurs on Layer 1 on Ethereum or Layer 2 on StarkWare.

How to Buy DYDX on Bybit

You can earn dYdX Coins through the exchange’s protocols, such as staking. To easily purchase tokens using fiat currency or other cryptocurrencies, you can use an exchange such as Bybit. 

First, sign up for a Bybit account if you don’t already have one established. This can be completed in a few easy steps via the Bybit website. As part of the account setup process, you must link a wallet. Ensure that you use one of the wallets that’s compatible with both dYdX and Bybit, such as MetaMask. When your wallet is funded, you can start placing orders on dYdX. You can also start trading the DYDX/USDT trading pair on Bybit Spot or Derivatives.