Convert DYDX to USD
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btcBitcoin
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solSolana
dogsDogsWhat is DYDX?
DYDX is the token launched by a decentralized exchange called dYdX. The cryptocurrency features the StarkEx scaling mechanism from Starkwire. People mostly use this control token for the Layer 2 protocol for trading futures and perpetual contracts. But it is also used for spot trading.
In addition to the dYdX exchange, the coin is available on most centralized crypto exchanges. Many popular e-wallets support this coin. One of the most reliable and convenient options is PassimPay. It provides easy access, multiple payment functions, security, and instant payments.
What is more, with PassimPay you can convert DYDX into more than 45 coins and vice versa. It is easy to use, offers a great variety of exchanging directions, and charges low fees for exchanges and withdrawals.
Features of the DYDX coin
The DYDX token works on the Ethereum blockchain, but the purpose of its creation was to improve trading conditions compared to the base cryptocurrency of this decentralized ecosystem. Thus, by using the above mechanisms, the developers wanted to:
- Reduce transaction fees;
- to reduce the minimum transaction limits.
The way to achieve their goals was to increase the capacity of the dYdX platform.
It is also worth mentioning the exchange itself has several features. For example, DYDX coin holders can benefit from stacking using two types of pools — liquidity and security. In the second case, they receive a kind of safety cushion, which guarantees a reward on the initially specified terms.
In addition, DYDX gives its owners the right to participate in the protocol. Each user can take part in votes and propose changes. For example, it could be about adjusting the risk parameters for the protocol or the prospect of including new tokens in it. Coin owners can also vote for accepting market makers in the liquidity pool.
A feature of DYDX is the retroactive mining fee. The specifics are that it is distributed among current users and those who used to be a part of the community and have been active for a long time. Users can get one more bonus — a discount on trading fees when having a certain amount of tokens.
History of DYDX
The dYdX token was first listed on the crypto exchange on 9 September 2021, although the platform launched in 2017. The creators are Antonio Juliano and Zhuoxun Yin. They previously did programming and marketing work for other large companies.
Current price of DYDX
The daily trading volume exceeds $118 million. The capitalization is around $404 million, placing DYDX in the top one hundred coins by this parameter. The maximum number of coins is 1 billion. The current circulating offering includes just over 156 million DYDX.
The maximum coin price recorded in 2021 was USD 27.86. The minimum was 1.01 USD (2022). For a long, the coin rate was between 10 USD and 12 USD, while most other cryptocurrencies were rapidly falling in price. We are talking about trends in 2021 when the cryptocurrency market was down. Even though the value of DYDX is now much lower, experts and traders expect it to rise soon, which is based on a clear trend toward stability.