dYdX Gives Crypto Traders the Speed of a CEX with the Security of a DEX | Crypto

dYdX Gives Crypto Traders the Speed of a CEX with the Security of a DEX

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– dYdX is a DEX platform that offers perpetual trading options for over 35 cryptocurrencies, including Bitcoin and Ethereum but it does this without users having to pay for gas fees at all, even offering free fee trading for up to $100,000 in volume per month.
– dYdX is able to do this thanks to its platform being built on a Layer 2 protocol on the Ethereum blockchain, giving traders the security and transparency of a decentralised exchange, along with the speed and usability of a centralised exchange.
– dYdX accounts for around 90 percent of decentralised perpetuals trading volume, with a daily average volume of $1.3 billion, making it one of the biggest decentralised exchanges in the world in terms of trading volume.
– The dYdX Foundation, an independent Swiss entity, was established in August 2021 to help educate the community on crypto trading and blockchain technology and to allocate resources to foster community-driven growth across the dYdX ecosystem.
– The DYDXtoken is a governance token that allows the dYdX Protocol’s community to truly own and govern the dYdX protocol.
– dYdX also launched a collection of 4,200 avatars NFTs earlier this year called Hedgies. With a design inspired by as the name suggests hedgehogs, Hedgies are given as rewards to successful traders on dYdX and other champions of their community, giving them trading fee discounts and special access with the governance community.
– In addition to outreach within the crypto community, dYdX is expanding its global brand to markets such as India, Turkey, Japan, Korea, Germany, Austria, and Switzerland, by empowering developers in the Web3 space that can integrate with dYdX through grants.
– After the successful deployment of the Layer 2 protocol, dYdX is now focussed on dYdX V4 a fully decentralised, standalone blockchain based on the Cosmos SDK and Tendermint Proof-of-stake consensus protocol.

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