What is dYdX (DYDX)
dYdX is one of the best-known decentralised exchanges (DEX) in the sector, specialised in perpetual derivatives. The protocol has historically been among the most used dapps in Web3 and manages a significant total value locked (TVL), a figure that varies over time. DYDX is the platform’s native token.
One point should be clarified from the outset: dYdX is a protocol created for trading derivative instruments. Young Platform does not offer derivatives trading or leveraged products: on our exchange it is possible to buy and sell the DYDX token on a spot basis, like any other crypto-asset.
How it works: from the Layer 2 to the dYdX Chain
In its early versions, dYdX was built on an Ethereum Layer 2, a solution that allows operations to be carried out faster and more cheaply than on the main network: price data was processed off-chain and transactions recorded on Ethereum.
In 2024 dYdX completed the transition to a standalone blockchain based on the Cosmos ecosystem, known as the dYdX Chain. This step made the protocol fully decentralised, with an off-chain order book and a matching engine operated by the network’s validators. The integration of the Slinky oracle introduced price updates at every block and, in 2025, support for isolated markets and margins expanded the markets available on the protocol, with more granular risk management.
The DYDX token
DYDX was launched on 3 August 2021 through a free distribution (airdrop) reserved for traders who had interacted with the platform in the preceding months: in some cases these were particularly high-value allocations.
With the adoption of the dYdX Chain, DYDX acts as the staking and governance token of the new blockchain. Holders can take part in the protocol’s decisions and, by staking it to help secure the network, may receive rewards (historically paid in USDC). These are variable rewards, dependent on the protocol and not guaranteed. On the protocol, holding DYDX also entitles holders to preferential fee conditions.
Price trends and what to consider
Like all crypto-assets, DYDX has shown a highly volatile price trend. Its quotations can be influenced by the general trend of the crypto market, by the protocol’s technical evolution and by the volume of activity on the dYdX network.
Past performance is not a guarantee of future results.
dYdX Market Data
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What does the Young Platform do?
Young Platform is the Italian platform for the crypto-asset world. Since 2018, we have been working from Turin to make buying and selling crypto-assets a clear and accessible experience — whether you are taking your first steps or trading regularly. Over 2 million users have already chosen us (as of June 11, 2026). Our shareholders include Azimut, United Ventures, and Banca Sella, among others. For details on our updated corporate structure, please visit the official page on our website.
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