Overview of decentralized cryptocurrency exchange dYdX
The dYdX exchange was launched in 2017, raising a small amount of $2 million to launch it. By 2022, its popularity skyrocketed and it became the second largest decentralized exchange regarding trading volume. At certain periods, it surpassed such a giant as Coinbase regarding trading volumes.
The exchange is built on the Ethereum blockchain in the form of a specially created-for-it add-on (second layer). It is not managed from a single center, but works according to a proven transparent algorithm. It differs from decentralized exchanges in its focus on cryptocurrency futures. So dYdX coin futures definitely have.
dYdX is a non-custodial exchange. The exchange itself doesn’t store them: the cryptocurrency remains on smart contracts under the user’s control. The exchange claims to be completely out of the control of regulators, who have begun to pressure centralized services.
This transparency is combined with the usability of centralized exchanges: its interface is intuitive and well suited for fast trading. The platform is not suitable for cryptocurrency exchanges. But despite this, the dYdX coin chart shows positive dynamics.
How to get started? dYdX coin analysis
No name, email address, or phone number will be required on dYdX. The data will not need to be confirmed by sending documents. After that, depending on the wallet you choose, the exchange will give you instructions on how to connect, verify, and start trading. Completion of registration means depositing from the wallet balance. After that, you can open positions.
Replenishing the balance from a card or an electronic purse is not possible. Only cryptocurrency USD Coin (USDC) is used for deposits and withdrawals. You can use others, but they will be converted to USDC when depositing. The minimum deposit amount is $10.
At dYdX not such a rich functionality, as on centralized exchanges like Binance, but there is necessary for comfortable trading. All popular types of orders are implemented:
- Limit orders;
- Take Profit;
- Trailing Stop.
The CSclap scalper supports operations on dYdX. It is oriented on those who want to make transactions as fast as possible; it allows them to fix actions on “hotkeys”. The same operations are available through the web interface.
Futures on 38 cryptocurrencies are available for trading; the list of supported coins includes all popular coins. The developers promise to constantly add new assets.
dYdX coin news: Margin trading
Available to trade futures with leverage, depending on the selected instrument, it can be up to 10 or 20. You can even trade assets like the Mina Protocol there. It is set on the trading panel with the slider on preferences of the trader. The leverage can be set separately for different positions. The exchange calculates by itself the sufficiency of funds on the balance of the user, and algorithmically closes positions, if there is no money to maintain them.
dYdX coin crypto
In addition to commission discounts, it gives you the ability to vote on changes on the exchange (it is a management token). The coin is built on a special scaling engine called StarkEX. It gives good scaling, speed, and zero transaction fees. It has an open platform; smart contracts are verified, and available for everyone to explore.
On the exchange, regardless of dYdX coin, current price, coins can be sent to steaks for passive income. At the end of June 2022, it equals 13.1% p.a. The maximum issue of the cryptocurrency is equal to 1 billion coins; a little more than 10% of this volume has been issued.
Who is suitable for dYdX. dYdX coin price prediction
The exchange is clearly designed for speculative trading; nothing else cryptocurrency futures are suitable for. The platform is beginner-friendly and easy to start with. The dYdX coin forecast is quite positive. It will appeal to those who can’t or don’t want to verify or send their data to centralized exchanges.