DYDX, the native token of the dYdX decentralized derivatives exchange, surged 9.1% in the past 24 hours, reaching $2.639**. The token recorded a total trading volume of **$39 million, with a market capitalization of $410 million, currently ranking 63rd among all cryptocurrencies.
Key Metrics
- 24-Hour High/Low: $2.685 / $2.371
- Circulating Supply: 156,256,174 DYDX
Historical Performance:
- 1 Week: -21.19%
- 1 Month: +79.42%
- 3 Months: +26.25%
- 6 Months: +5.54%
- YTD: +115.61%
What Is dYdX?
dYdX, launched in 2018, is a decentralized derivatives trading platform built on Ethereum’s Layer 2. It offers:
- Perpetual Contracts: No expiry dates for trades.
- Margin Trading: Leveraged positions with reduced counterparty risk.
👉 Explore decentralized trading
Unlike centralized exchanges, dYdX allows users to retain control of their funds via self-custody wallets or smart contracts. Transactions avoid gas fees, eliminating high costs and vulnerabilities like exchange hacks.
Market Context
Recent crypto news highlights mixed sentiment:
- Regulatory pressure on staking services (e.g., Coinbase’s 14% drop).
- 70% of investors avoiding crypto in 2023 (JPMorgan survey).
- Bitcoin’s 50% rebound from November lows, fueled by macroeconomic optimism.
FAQ
Q: Why is DYDX rising?
A: Increased demand for decentralized derivatives and positive momentum in altcoins.
Q: Is dYdX safer than centralized exchanges?
A: Yes—funds remain user-controlled, reducing hack risks.
Q: What’s the long-term outlook for DYDX?
A: Growth hinges on adoption of decentralized trading and Layer 2 scalability.
👉 Learn more about Ethereum Layer 2
Data reflects past performance and is not indicative of future results. Always conduct independent research.
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