DYDX Price in India (DYDX)

dYdX (DYDX) is a decentralized exchange (DEX) that focuses on derivatives, such as perpetual contracts and margin trading, and allows users to trade cryptocurrencies without intermediaries. The platform was initially built on the Ethereum blockchain, but moved to its own blockchain on Cosmos. The platform aims to bring advanced trading features to the DeFi space which is uncommon in decentralized exchanges. DYDX is the platform’s native utility and governance token.

dYdX (DYDX) was founded in August 2017 by Antonio Juliano, a former employee of Coinbase.

• DYDX token: DYDX token plays a pivotal role in the ecosystem and has several utilities such as facilitating transactions, payment for fees, incentivizing participants, and governance.

• Advanced trading features: The platform’s advanced trading tools such as stop-loss orders, limit orders, and take-profit orders make dYdX stand out among other decentralized exchanges as these features are typically found in centralized exchanges.

• Non-custodial: dYdX is a non-custodial platform, so users have full control of their funds and are less prone to hacks that plague centralized exchanges. 

• Staking and rewards: Users can stake their DYDX tokens to earn rewards and participate in liquidity mining programs to earn rewards for participating in the network’s liquidity.

DYDX is a promising cryptocurrency as it plays a significant role in the dYdX ecosystem, a popular decentralized exchange. The token ranks #100 by market cap and #235 in terms of the overall crypto market’s trading volume. As of early September, the token is trading at $0.87. Back in August 2023, the token surged, thanks to the launch of a testnet to create its own blockchain. On March 8, 2024, the token hit its all-time high of $4.53. 

Download the CoinSwitch app to invest in DYDX.

• DYDK can be bought and sold from a crypto exchange like CoinSwitch to leverage the price movement. 

• DYDK tokens can be used to pay for trading fees and token holders are also given fee discounts and other incentives on the dYdX platform.

• DYDK tokens can be staked in protocols or smart contracts to earn staking rewards. 

• DYDX token holders can participate in governance which includes voting on proposals and other major changes that may impact the operation of the platform.

• The decentralized and non-custodial nature of the dYdX platform makes it a popular choice among crypto investors who want full control of their funds. 

• The platform offers trading features such as margin trading and perpetual contracts that are typically found in centralized exchanges. 

• The dYdX platform offers liquidity mining programs that reward users with DYDX tokens for contributing to the network’s liquidity.

• DYDX is subject to market risks and volatility that might impact its price. 

• DYDX faces strong competition from popular decentralized exchanges (DEX) like Uniswap and SushiSwap. 

• dYdX platform specializes in derivatives, such as perpetual contracts and margin trading which might be too complex for some users.

• To trade in dYdX (DYDX), download the CoinSwitch app.

• You can start with just ₹100.

• CoinSwitch offers a suitable marketplace for trading in cryptos like DYDX.

dYdX (DYDX) did not have a traditional Initial Coin Offering (ICO). The DYDX token was launched via liquidity mining, retroactive rewards for early users, and airdrops. However, the platform attracted several venture capital firms and investors such as Andreessen Horowitz (a16z), Polychain Capital, and Paradigm. dYdX has raised a total of $87 million across four funding rounds. The latest round, a Series C held on May 12, 2021, raised $65 million.