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dYdX (ethDYDX)
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0.134
+0.001+0.75%
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+0.75%
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-2.19%
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Analysis
On-Chain Perpetuals Heat Up! Binance's CZ Declares the Era of Perp DEX is Here
Projects like Hyperliquid and Aster gain market traction and public praise from CZ.
TradingKeySep 24, 2025
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On Wednesday, August 27, the native token of decentralized derivatives exchange Hyperliquid (HYPE) surged over 12%, breaking past the $50 mark and reaching a new all-time high of $51.18.
TradingKeyAug 27, 2025
dYdX (ethDYDX) Technical Analysis
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About dYdX (ethDYDX)
dYdX (ethDYDX) is the governance token for the dYdX Layer 2 protocol built on Ethereum. The token allows the dYdX community to govern the protocol. Currently, the ethDYDX token is undergoing a migration from Ethereum to the dYdX Chain, with approximately 75% of all ethDYDX already bridged over and converted into the new DYDX token.
The dYdX Layer 2 protocol utilizes StarkWare's StarkEx scalability engine to increase transaction speed, eliminate gas costs, reduce trading fees, and lower minimum trade sizes compared to Ethereum mainnet. This allows the dYdX protocol to deliver a highly scalable and low-cost trading experience for perpetual futures and other derivatives.
A total of 1 billion ethDYDX tokens were initially minted, with the supply becoming accessible over a 5-year period starting from August 2021. The token allocation was divided between investors, user trading rewards, employees, retroactive rewards, liquidity providers, future hires, the community treasury, and liquidity/safety staking pools. The allocation has been updated over time through various governance proposals.
The dYdX protocol was founded by Antonio Juliano, an experienced programmer with a background in blockchain technology who previously worked at Coinbase. The protocol aims to differentiate itself through its use of advanced scaling technologies like zkSTARKS to enhance the scalability and efficiency of the decentralized trading platform.
What are the key functionalities of the DYDX token?
The primary functions of the DYDX token are:
Staking - Holders can stake their DYDX to participate in securing the dYdX Chain network as validators or delegators. Stakers receive a share of the protocol fees generated on the chain.
Governance - DYDX can be used to vote on important governance proposals that shape the future direction of the dYdX protocol and ecosystem.
Utility - DYDX may be required to access certain features or services on the dYdX Chain, such as paying transaction fees.
Who are the founders of dYdX, and what makes the protocol unique?
Antonio Juliano, an experienced programmer with a background in blockchain technology, is the founder and CEO of dYdX Trading Inc. The protocol is unique in that it uses a form of zero-knowledge rollup technology called zkSTARKS to increase the scalability of the network, allowing for faster transaction speeds, lower gas costs, and reduced trading fees.
How does the migration from ethDYDX to dYdX Chain DYDX work?
Users can migrate their Ethereum-based ethDYDX tokens to the new DYDX tokens on the dYdX Chain through the wethDYDX smart contract. This contract will permanently lock the user's ethDYDX and mint a 1:1 wrapped version called wethDYDX on Ethereum. The dYdX Chain validators can then distribute the corresponding DYDX tokens to the users based on the information recorded in the wethDYDX contract.
What are the key features and utilities of the dYdX Chain DYDX token?
The DYDX token on the dYdX Chain is the new governance token that allows the dYdX community to govern the dYdX Layer 2 Protocol built on Ethereum. The page also directs users to the dYdX Foundation's "Token Mechanics" blog for a detailed overview of the functionalities of the dYdX Chain DYDX token.
What are the benefits of transitioning from ethDYDX to dYdX Chain DYDX?
Migrating to the dYdX Chain DYDX token unlocks expanded functionalities compared to the original ethDYDX token. On the dYdX Chain, DYDX holders can participate in staking to secure the network and earn protocol fees, as well as exercise governance rights over the protocol. The dYdX Chain also provides a more scalable, decentralized, and community-governed platform for the dYdX ecosystem.
How is the initial allocation of ethDYDX tokens distributed?
On the initial allocation of the 1,000,000,000 ethDYDX tokens, which was distributed over a 5-year period starting from August 3, 2021. The allocation includes percentages for investors, user trading rewards, employees and consultants, retroactive rewards, liquidity provider rewards, future employees and consultants, the community treasury, liquidity staking pool, and safety staking pool. The page also notes that the allocation has been updated over time through various governance proposals.