The dYdX protocol allows the issuance and trading of ERC20 tokens for any financial product. dYdX uses off-chain orders and on-chain matching to create an efficient market. All described protocols are fair and not subject to central authorities. The protocol can be extended by anyone without special privileges with other smart contracts.
DYDX is a governance Token that allows the dYdX community to hold and govern the dYdX protocol. It is mainly used for dYdX protocol governance and fee discounts.
Project Introduction
Dydx exchange is a decentralized perpetual contract exchange that runs on the L2 blockchain system and provides L1 spot/leverage/borrowing services.
Dydx uses a hybrid infrastructure model, mainly for non-custodial, on-chain settlement, and an off-chain low-latency matching engine with an order book.
dYdX has undergone at least four rounds of financing
