DYDX is the L1 token for the dYdX Chain. DYDX can be staked to secure the chain. As a reward for securing the network, 100% of protocol fees are distributed to Stakers, predominantly in USDC. DYDX can be utilized to participate in governance on the dYdX Chain, a fully decentralized, community governed platform. ethDYDX, a governance token for the dYdX v3 protocol, is undergoing a migration to dYdX Chain DYDX. If you have ethDYDX and want to bridge your tokens to the dYdX Chain to unlock expanded DYDX functionalities, read this how-to-bridge guide. For a detailed overview of the functionalities of dYdX Chain DYDX, read the dYdX Foundation’s Token Mechanics blog.
DYDX is the L1 token for the dYdX Chain. DYDX can be staked to secure the chain. As a reward for securing the network, 100% of protocol fees are distributed to Stakers, predominantly in USDC. DYDX can be utilized to participate in governance on the dYdX Chain, a fully decentralized, community governed platform. ethDYDX, a governance token for the dYdX v3 protocol, is undergoing a migration to dYdX Chain DYDX. If you have ethDYDX and want to bridge your tokens to the dYdX Chain to unlock expanded DYDX functionalities, read this how-to-bridge guide. For a detailed overview of the functionalities of dYdX Chain DYDX, read the dYdX Foundation’s Token Mechanics blog.
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About dYdX (Native)
What Is dYdX Chain DYDX ?
The dYdX Chain is a proof-of-stake blockchain network built using the Cosmos SDK and leveraging CometBFT for consensus. The DYDX token is the L1 protocol token for the dYdX Chain, as agreed by the dYdX community through dYdX governance (Snapshot vote and an on-chain vote)
Holders of the DYDX token can use their tokens to run a Validator or stake their tokens to a Validator in order to participate in securing and governing the dYdX Chain network.
What is the Allocation for DYDX?
DYDX is distributed to users by validators on the dYdX Chain on a 1-1 proportional basis based on the amount of Ethereum-based DYDX (ethDYDX) that each user sends to the wethDYDX Smart Contract.
The allocation of DYDX is based on the allocation of ethDYDX. The allocation of ethDYDX changed since its launch on August 3, 2021 due to several governance proposals. The updated allocation of ethDYDX:
27.7% is allocated to Investors
15.3% is allocated to Employees and Consultants of dYdX Trading or Foundation
7.0% is allocated to Future Employees & Consultants of dYdX
The wethDYDX Smart Contract enables the migration of ethDYDX from Ethereum to the dYdX Chain.
When interacted with, the wethDYDX Smart Contract would carry out the following functions in a fully permissionless and automated manner:
Receive and permanently lock the ethDYDX tokens sent by the user to the wethDYDX Smart Contract;
Send a wrapped version of the Ethereum-based DYDX token (“wethDYDX”) to the user on a 1-1 proportional basis on Ethereum; and
dYdX Chain Validators can also read and ingest the information in the wethDYDX Smart Contract such that corresponding DYDX can be distributed to users by Validators on the dYdX Chain once there is confirmation that Step 1 above is complete and the ethDYDX is permanently locked in the wethDYDX Smart Contract.
More information about the migration of ethDYDX from Ethereum to dYdX Chain is available here.
dYdX Chain (DYDX) Tokenomics
Learn more about DYDX tokenomics, and view project details below and read through this Token Mechanics blog.
The live dYdX (Native) price today is $0.859650 USD with a 24-hour trading volume of $12,561,641 USD. We update our DYDX to USD price in real-time. dYdX (Native) is up 2.84% in the last 24 hours. The current CoinMarketCap ranking is #97, with a live market cap of $541,425,322 USD. It has a circulating supply of 629,820,560 DYDX coins and the max. supply is not available.
If you would like to know where to buy dYdX (Native) at the current rate, the top cryptocurrency exchanges for trading in dYdX (Native) stock are currently DOEX, Binance, Zedcex Exchange, CoinUp.io, and Bitoy. You can find others listed on our crypto exchanges page.