What is DYDX?
DYDX - The ERC-20 token with fast access and without giving up interoperability with the Ethereum ecosystem.
- DYDX is a DeFi project with an interface with access to a dApp for centralized trading.
- It runs on Ethereum, so DYDX can work quickly and instantly.
- The token runs on ERC-20, which allows users to participate in all dydx governance when trading with the platform.
Key DYDX Metrics
Cap de Mercado
DYDX is a crypto ecosystem designed on top of the Ethereum blockchain. Its main goal is to make trades quickly and securely, trying to work from the volatility of the cryptocurrency market. It should also be mentioned that it is a DeFi project, with a dapp interface focused one hundred percent on a centralized trader.
It is a project that was born in July 2017 and was created by Antonio Julianno, known for being a developer of Uber and Coinbase. It is one of the few ecosystems that were developed from scratch thanks to the work of the team of developers, this despite the so-called 'ICO boom''.
DYDX runs on the Ethereum network and works on a layer 2 that is called StarkNet, something that allows users to operate quickly, instantly and friendly with the ecosystem, as it operates without gas. All this without giving up interoperability with the Ethereum ecosystem.
DYDX is a project that relies on a strong ecosystem based entirely on its dYdX cryptocurrency.
The DYDX cryptocurrency
DYDX is an ERC-20 token that has the main task of offering shares within the governance of DYDX. But today they have the advantages of trading on the platform and making payments on the network, so less commissions will be paid when doing this process.
The maximum number of available DYDX tokens is one billion, and currently there are just over 7% in circulation, or about 65 million tokens. This makes its price currently hovering around US$1 to US$2 over the last year.
DYDX planned a maximum inflation of 2.00% per year, which according to the core company's plans will help increase the value of the DYDX offering from year 6 onwards, something that makes the community still have resources to operate after that.
As an additional piece of information, DYDX uses Proof of Stake or Proof of Stake as its mining method. This means that any user can start staking and get extra token rewards by participating in transaction validations. This means that you cannot mine through hardware (graphics cards), as in the case of Bitcoin.
The developers of the DYDX token launched it in August 2021, just when the first airdrop with the cryptocurrency took place. On cryptocurrency exchanges it started to be listed on September 8, 2021, right with the infrastructure plan it launched to advertise the crypto as a payment currency for transactions.