dYdX Analysis: Shaping the Future of Decentralized Derivatives Trading (2024 - 07/2025)
Data updated until 07/2025 and is only basic information about the project to facilitate easy fundamental assessment – Not investment advice 😊

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🌟 Project Overview
@dYdX Protocol is a leading decentralized exchange (DEX), focusing on perpetual contracts trading on Layer-1 blockchain using Cosmos SDK. With deep liquidity, leverage up to 50x, and low fees, dYdX provides a professional, transparent, and non-custodial trading experience. Supported by @dydxfoundation, the project promotes community governance and Web3 ecosystem development. From 2024 to 07/2025, dYdX achieved a total trading volume exceeding 1.4 trillion USD, reinforcing its leading position in DeFi.

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🕒 Important Milestones
- February 2024: @dydxfoundation receives 30 million DYDX (~86 million USD) from the community treasury to support ecosystem development.
- June 2024: Ends support for ethDYDX bridge, fully transitioning to DYDX native on Cosmos.
- September 2024: Launch of dYdX Unlimited, featuring MegaVault liquidity engine, instant market listings, and improved trading rewards.
- November 2024: Integration with @onchain_wallet of @cryptocom, bringing dYdX trading into the Onchain App mobile application.
- January 2025: Launch of TRUMP-USD trading competition with a prize of 60,000 USD.
- July 2025: Publication of semi-annual report, noting 68.6K DYDX holders (+85% YoY) and 17.6K stakers.

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🤝 Strategic Partnerships
- @coinbase: Coinbase Ventures invests and supports the integration of dYdX into DeFi products.
- @onchain_wallet (@cryptocom): Integrates dYdX into Crypto.com Onchain App, providing a smooth mobile trading experience.
- @a16z: Financial and strategic support from Andreessen Horowitz, driving infrastructure expansion.
- @polychain: Investment and advisory from Polychain Capital, strengthening position in DeFi.
- @paradigm: Support for protocol development and decentralized governance.
These partnerships help dYdX expand liquidity, improve user experience, and attract a developer community.

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💰 Tokenomics & Current Price
- Token: DYDX (Cosmos-native), used for staking, governance, and network security.
- Total supply: 1 billion DYDX, with 750 million in circulation (07/2025).
- Mechanism: 100% of trading fees (paid in USDC) distributed to stakers;

- Current price (07/2025): ~0.630 USD, market cap ~632 million USD, 24h trading volume ~11.99 million USD.
- All-time high (ATH): ~0.09327 BTC (~4.5 - 5.60 USD, November 2021).
- All-time low (ATL): ~0.054248 BTC (~0.65 USD, June 2025).
DYDX price increased by 2.7% in 24 hours and 19.1% in the past 7 days, outperforming the broader market, but is still significantly lower than ATH.

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📈 Revenue & Profit
dYdX does not disclose specific profits as it is a decentralized protocol. Revenue from trading fees (paid in USDC) is 100% distributed to stakers. The project has raised over 100 million USD through funding rounds (Series C from @a16z, @polychain, @paradigm). The 30 million DYDX funding from the community treasury (02/2024) supports development and marketing initiatives.

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🛠 Products & Technology
- dYdX Chain: Layer-1 blockchain on Cosmos SDK, providing high-speed and low-fee perpetual trading.
- MegaVault: Automated liquidity tool, ensuring market depth and instant market listings.
- Trading Features: Supports 50x leverage, stop/limit orders, and high-performance API for professional trading.
- Wallet Integration: Quick connectivity with MetaMask, Rabby, Phantom, and supports 6 chains (Ethereum, Base, Optimism, Avalanche, Polygon, Arbitrum).
- dYdX Unlimited: Upgraded with instant listings, improved trading rewards, and an affiliate program with lifetime commission.
dYdX's technology offers a fast, transparent, and secure trading experience, suitable for both individual and institutional traders.

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🗺 Future Roadmap
- Q3-Q4 2025: Expand new market listings, enhance MegaVault, and integrate more wallets.
- Governance: Enhance the role of @dydxfoundation in decentralized governance, with subDAOs like Operations and Treasury.
- Onboarding: Improve UX/UI, add social features and enhanced notifications.
- Incentives: Expand trading reward and affiliate programs to attract new users.
- Infrastructure: Upgrade validator set and integrate more L2s to increase efficiency.

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🚀 Opportunities
- Deep liquidity: MegaVault and instant listings ensure a flexible and efficient market.
- Community governance: @dydxfoundation promotes a sustainable DAO, with 68.6K holders and 17.6K stakers.
- Strong integration: Collaboration with @onchain_wallet and @coinbase expands accessibility.
- Pioneering technology: Cosmos SDK and powerful APIs support professional trading.

⚠ Challenges
- Fierce competition: Competing with DEXs like Uniswap, Curve, and CEXs like Binance.
- Price volatility: DYDX price has significantly dropped from ATH, reflecting market risks.
- Technical complexity: Requires DeFi knowledge to fully leverage the platform.
- Regional restrictions: Not available in the US and some countries due to regulatory constraints.

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🎯 Conclusion
@dYdX is leading DeFi with a robust perpetual trading platform, deep liquidity, and decentralized governance supported by @dydxfoundation. From 2024 to 07/2025, the project achieved 1.4 trillion USD in trading volume, launched dYdX Unlimited, and integrated with @cryptocom. Despite facing competition and price volatility, dYdX has the potential to shape the future of derivatives trading thanks to advanced technology and a strong development community. 🚀

#DYDX #DeFi#perpetuals #Web3#cryptotrading

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References:
- dYdX Official Website
- dYdX Foundation X Posts
- CoinMarketCap
- CoinGecko
- Blogtienao