dYdX

ETHDYDX Price

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 Bitunix, where the most active trading pair ETHDYDX/USDT has a trading volume of $85,826.80 in the last 24 hours. Other popular options include Kraken and BingX.

What is the daily trading volume of dYdX (ETHDYDX)?

The trading volume of dYdX (ETHDYDX) is $5,490,394.22 in the last 24 hours, representing a -26.40% decrease from one day ago and signalling a recent fall in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for dYdX (ETHDYDX)?

dYdX (ETHDYDX) reached an all-time high of $27.86 and an all-time low of $0.07889. It’s now trading -99.50% below that peak and 78.50% above its lowest price.

What is the market cap of dYdX (ETHDYDX)?

Market capitalization of dYdX (ETHDYDX) is $6,840,560 and is ranked #1546 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of ETHDYDX tokens (49 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 $109,720,219. 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 34.10% in the last 7 days, dYdX (ETHDYDX) is outperforming the global cryptocurrency market which is up 14.10%, while outperforming when compared to similar Exchange-based Tokens cryptocurrencies which are up 14.30%.

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.