## Overview of dYdX (DYDX)
dYdX (DYDX) is a token of a decentralized exchange (DEX), founded in 2017 by Antonio Juliano. The platform is built on its own Layer 1 blockchain using Cosmos SDK, having transitioned from Ethereum in 2023. dYdX specializes in margin trading, derivatives, and perpetual contracts with high leverage, low fees, and deep liquidity. The DYDX token is used for governance, staking, and fee distribution (100% of protocol fees in USDC go to stakers). In November 2024, dYdX Unlimited was launched, adding instant market listings, the MegaVault liquidity engine, and updated trading rewards. The project is supported by a16z, Polychain Capital, and DragonFly Capital.
- Price (July 4, 2025): ~$0.55–$0.60 (according to CoinMarketCap, CoinGecko).
- Market Capitalization: ~$406–$450 million (rank ~128–159).
- Trading volume (24h): ~$15–$33.7 million, up 11.1–51.2% in a day.
- News:
- Successful mainnet upgrade (July 2, 2025): added Builder Codes, transaction batching, cross-margin IML, and new liquidity level IML_5x.
- Launch of the market for Flare (FLR) (June 22, 2025).
- Free deposits from $100+ through SkipProtocol and Cosmos (June 24, 2025).
- Campaign on Binance Simple Earn with yields up to 16.9% APR (June 26 – July 26, 2025).
- Completion of support for wethDYDX Smart Contract, migration of ethDYDX to DYDX has been completed.
## Technical Analysis
- Current situation: DYDX price has dropped by 87.7–84.8% from ATH ($4.52–$15.08) and is trading at $0.55–$0.60, with a change of -4.4% over 24 hours, but an increase of 12.3–22.2% over 7 days. A symmetrical triangle is visible on the daily chart, with support at $0.50 and resistance at $0.65. Bullish divergence on the RSI indicates a possible rebound.
- Key Levels:
- Support: $0.50–$0.53 (50-day SMA).
- Resistance: $0.65, then $0.72.
- Indicators:
- RSI (daily): ~58.5–58.77, neutral zone, with bullish momentum.
- MACD: Neutral, with a hint of a bullish crossover.
- SMA: Price above 50-day SMA ($0.53) but below 200-day ($0.96), indicating a weak long-term trend.
- Volumes: Growth from $15 million to $33.7 million in a day, signaling market activity.
- Chart: Price testing $0.55–$0.60 in a triangle. Closing above $0.65 may lift the price to $0.72. View on TradingView (DYDX/USDT) or CoinMarketCap.
## Fundamental Factors
- Positive:
- Leadership in DeFi: first DEX with margin trading, derivatives, and flash loans (2018).
- dYdX Unlimited and MegaVault enhance liquidity and attractiveness.
- Active community: 65% bullish sentiment on X, increase in activity after the mainnet upgrade.
- High liquidity: $11 billion in perpetual contracts, $25 billion in flash transactions.
- Risks:
- Volatility: 19% drop over 30 days due to selling after listing.
- Layoffs of 35% of staff (fall 2024) have caused pessimism.
- Competition with centralized exchanges (Binance, Bybit) and other DEXs (Uniswap, Curve).
- Regulatory risks in the US for DeFi protocols.
## Recommendations
- Traders: Buy on hold at $0.53 (target $0.65–$0.72, stop-loss $0.50). Sell on break below $0.50 (target $0.45). Keep an eye on volumes and news about dYdX Unlimited.
- Investors: Growth potential is linked to DeFi and dYdX Unlimited, but volatility and regulatory risks create uncertainty. Wait for news on TVL and new markets.
- Monitoring: Follow X (@dYdX, @dydx_ops) and charts on TradingView.