dYdX is the most powerful open trading platform for advanced crypto financial products, powered by the Ethereum blockchain. Trade perpetual contracts with low fees, deep liquidity, and up to 20x more buying power.
Trades are settled in an L2 (layer-2) system, which publishes ZK (zero-knowledge) proofs periodically to an Ethereum smart contract in order to prove that state transitions within L2 are valid. By settling trades on L2, the exchange is able to offer much higher trade throughput and lower minimum order sizes, compared with systems settling trades directly on Ethereum. This is achieved while maintaining decentralization, and the exchange is fully non-custodial.
To further liquidity network effects and incentivize professional liquidity providers, DYDX is distributed to users who stake USDC to the liquidity staking pool. Approved liquidity providers will use the staked USDC to make markets on dYdX, furthering liquidity available across the markets. Liquidity providers are restricted from using borrowed funds outside of dYdX.
Stakers will receive DYDX, distributed continuously according to each staker’s portion of the total USDC in the pool. Stakers must request to unstake USDC at least 14 days before the current epoch ends in order to be able to withdraw their USDC in the next epoch. If stakers do not request to withdraw, their staked USDC is rolled over into the next epoch.
Compliance & Security
The dYdX exchange is based on the Ethereum Blockchain.
To significantly scale trading, dYdX and StarkWare have built a Layer 2 protocol for cross-margined perpetuals, based on StarkWare’s StarkEx scalability engine and dYdX’s Perpetual smart contracts.
All major new smart contracts have been audited by Peckshield. No significant or high priority security issues were found. The core governance and token contracts are forked from the AAVE governance contracts which were audited by CertiK, Certora, and Peckshield and have been battle-tested live on mainnet for months.
dYdX is a world-class team with top backers and advisors, including Andreessen Horowitz, Polychain Capital, Brian Armstrong, Fred Ehrsam, Naval Ravikant, Elad Gil and more.
dYdX was founded in mid-late 2017 by Antonia Juliano. The company features a strong development team with previous experience at tech giants including but not limited to Google, Uber, Bloomberg, Coinbase and NerdWallet.
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