dYdX (ETHDYDX) price has increased today.
The price of dYdX (ETHDYDX) is $3.22 today with a 24-hour trading volume of $114,020,355.94. This represents a 2.40% price increase in the last 24 hours and a 1.70% price increase in the past 7 days. With a circulating supply of 180 Million ETHDYDX, dYdX is valued at a market cap of $580,430,635.
What is Ethereum-based DYDX (ethDYDX)?
ethDYDX was launched on August 3, 2021. ethDYDX is a governance token for the dYdX Layer 2 protocol built on Ethereum (“dYdX v3”). Token holders are able to govern certain parameters of dYdX v3 to align incentives between traders, liquidity providers, and partners. The ethDYDX token enables a robust ecosystem around governance, rewards, and staking - each of which is designed to drive future growth and decentralization of dYdX v3.
Read this article to learn how dYdX v3 works.
Migration to the dYdX Chain
On June 22, 2022, dYdX Trading Inc.(“dYdX Trading”) announced the next iteration of the dYdX protocol - the dYdX Chain Open Source Software. The dYdX Chain is a proof-of-stake blockchain network and, as such, it requires a Layer 1 (“L1”) protocol token for staking to validators in order to secure the chain and for stakers of the L1 token to govern the network. Holders of the L1 token can use their L1 tokens to run a validator or stake their tokens to a validator in order to participate in securing and governing the network.
The wethDYDX Smart Contract enables a potential 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.
Where can you buy dYdX?
ETHDYDX tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade dYdX is MEXC, where the most active trading pair ETHDYDX/USDT has a trading volume of $586,060.09 in the last 24 hours. Other popular options include Gate.io and Binance.
What is the daily trading volume of dYdX (ETHDYDX)?
The trading volume of dYdX (ETHDYDX) is $114,020,355.94 in the last 24 hours, representing a 1.00% increase from one day ago and signalling a recent rise in market activity.
What is the all-time high for dYdX (ETHDYDX)?
The highest price paid for dYdX (ETHDYDX) is $27.86, which was recorded on Sep 30, 2021 (about 2 years). Comparatively, the current price is -88.40% lower than the all-time high price.
What is the all-time low for dYdX (ETHDYDX)?
The lowest price paid for dYdX (ETHDYDX) is $1.01, which was recorded on Jun 18, 2022 (over 1 year). Comparatively, the current price is 218.70% higher than the all-time low price.
What is the market cap of dYdX (ETHDYDX)?
Market capitalization of dYdX (ETHDYDX) is $580,430,635 and is ranked #88 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of ETHDYDX tokens (180 Million tokens are tradable on the market today).
What is the fully diluted valuation of dYdX (ETHDYDX)?
The fully diluted valuation (FDV) of dYdX (ETHDYDX) is $3,219,906,727. This is a statistical representation of the maximum market cap, assuming the maximum number of 1 Billion ETHDYDX tokens are in circulation today. Depending on how the emission schedule of ETHDYDX tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of dYdX compare against its peers?
With a price increase of 1.70% in the last 7 days, dYdX (ETHDYDX) is outperforming the global cryptocurrency market which is up 1.00%, while underperforming when compared to similar Ethereum Ecosystem cryptocurrencies which are up 12.70%.
What is the market sentiment of dYdX today?
The community is bullish as more than 63% of users are feeling good about dYdX (ETHDYDX) today.
How to add dYdX (ETHDYDX) to MetaMask?
Adding dYdX (ETHDYDX) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import ETHDYDX as a token. You can copy ETHDYDX’s contract address (0x92d6c1e31e14520e676a687f0a93788b716beff5) and import it manually, or if you've installed MetaMask's chrome extension, add ETHDYDX to MetaMask with one click on CoinGecko.
Add ETHDYDX to MetaMask.
