What is dYdX?
dYdX is a decentralized exchange for cryptocurrency trading. The DEX specializes in borrowing, lending, and derivatives investing.
The DEX was launched in 2017 by Antonio Juliano, a software engineer with experience at Coinbase and Uber.
dYdX is operated by dYdX Foundation, a nonprofit organization based in Switzerland.
Based on Ethereum, dYdX operates on a a StarkEx Layer 2 Ethereum subchain that offers better performance and lower gas fees than the Ethereum mainnet.
The dYdX platform supports five order types:
- Market orders
- Limit orders
- Stop limit orders
- Trailing stop orders
- Take profit limit orders
You’ll need some USDC to pay fees when you initially fund your dYdX account, but after that you should find that your transactions don’t entail any fees.
dYdX has its own cryptocurrency, the DYDX, which you can purchase at Kriptomat. This is the governance token of the dYdX community. It can be used to gain mining rewards, participate in staking pools, and receive trading discounts.
Year Established: 2019
How to use dYdX DEX
Here’s the fast, easy way to get started with the dYdX DEX.
- Download Kriptomat App
To start using dYdX DEX, download the Kriptomat app and create your account in minutes. It’s available on both iOS and Android.
- Go to your Web3 wallet
Visit your Web3 wallet. It is the simplest way to access the Web3 world. Click Discover to find dYdX among the most popular DEXs.
- Connect your Kriptomat Web3 wallet to dYdX
Open dYdX and connect your Kriptomat Web3 wallet using WalletConnect. You can easily find Kriptomat among listed wallets and click Connect to confirm.
- Begin trading
Now that you have connected your Kriptomat Web3 wallet, you are ready to begin swapping crypto at dYdX.It’s just that easy!