Why buy dYdX?
You might decide to buy the dYdX crypto because it is one of the most popular decentralised exchanges in the industry. This platform, thanks to the Layer 2 on which it was built, allows its users to trade derivatives cheaply and quickly. The dYdX crypto protocol is in the top 30 of the most used dapps on the entire Web3, has a total locked-in value (TVL) of around $350 million.
DYDX is the platform’s native token. Those who hold it, in addition to the right to participate in protocol decisions, get several benefits; such as a discount on trading fees and increased staking rewards.
The dYdX crypto was launched on 3 August 2021, to traders who interacted with the platform in the previous months. This free distribution has been substantial to say the least, with some users receiving up to $130,000 in tokens.
What is dYdX?
The dYdX crypto platform is a decentralised exchange built on a Layer 2 of Ethereum. For this reason it can be used quickly and cheaply. Perpetual futures can be traded on dYdX with features including up to 20x leverage and cross or isolated margins. Furthermore, there is the possibility to request or offer decentralised loans of cryptocurrencies through lending and borrowing mechanisms.
dYdX extracts price data off the blockchain and then records transactions on Ethereum’s network through its own Layer 2. This could change soon, if the development team sticks to the roadmap this will become a fully decentralised protocol thanks to the blockchain it is building on the Cosmos ecosystem.
The development team is constantly working to offer its users the ability to perform advanced trading quickly and cheaply. If you are a trader or would like to get into this fascinating subject, you can consider buying and adding dYdX cryptos to your wallet, owning some guarantees you a fee discount!
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