DYDX Latest Price Update
| Rank | Coin | Price (CNY) | Price (USD) | 24h Change | Market Cap | Initial Price | 24h High | 24h Low |
|---|---|---|---|---|---|---|---|---|
| 1 | DYDX | ¥3.86 | $0.54 | -2.91% | $400M | $3 | $0.56 | $0.53 |
Key Features of DYDX
dYdX is a decentralized perpetual contract exchange built on Ethereum Layer 2 protocol Starkware. Key highlights:
- Gas-Free Trading: Users only pay gas fees for deposits/withdrawals.
- Order Book Model: Unlike AMM-based DEXs, dYdX uses traditional order matching.
- August 2021 Volume: $9.8B in derivatives trading.
The $DYDX token serves dual purposes:
- Governance: Community-driven protocol decisions.
- Fee Discounts: Holders (≥100 DYDX) receive trading fee reductions.
Token Distribution (2021 Data)
- Initial Circulation: 55M tokens (5.5% of total supply).
Allocations:
- 50M to early L2 traders (pre-August 2021)
- 5M to August traders/LPs
- Inflation: 2% annual after 5 years (subject to governance).
Growth Metrics (June-August 2021)
- Monthly Volume: $14.22B (August peak)
- Revenue: $11.56M (0.08% of volume)
- Active Users: 6,000+ daily
- Total Accounts: 36,416 (as of September 2021)
Incentive Structure
dYdX's 5-year reward system distributes 5M tokens monthly to:
- Boost trading activity
- Enhance liquidity
This creates a positive feedback loop: - High rewards → More users → Increased volume → Higher token value → Repeat
Investor Backing
dYdX secured $95M+ across 5-6 funding rounds with investors including:
- a16z
- Paradigm
- Polychain Capital
- Brian Armstrong (Coinbase CEO)
FAQ: DYDX Token Explained
Q: What blockchain is DYDX built on?
A: Ethereum, utilizing Starkware's Layer 2 for scalability.
Q: How do I qualify for DYDX fee discounts?
A: Hold ≥100 DYDX tokens in your connected wallet.
Q: Why does dYdX use an order book model?
A: It provides better price discovery and lower slippage for derivatives trading compared to AMMs.
Q: When did DYDX token start trading?
A: September 8, 2021 (UTC+8).
Q: What makes DYDX inflation unique?
A: Post-5 years, inflation is governance-controlled (default 2%) rather than fixed.
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Note: All price data reflects historical 2021 figures. For real-time updates, consult crypto tracking platforms.