The dYdX platform, which made a sound in the crypto ecosystem with its airdrop to its users, distributed thousands of dollars worth of tokens. We can say that the dYdX exchange is a platform designed with a community-run model and a user-friendly interface. The dYdX token, which has the same name as the platform, has a different vote counting mechanism than other governance tokens. It is also an advantage that it is in a technologically strong position with the smart contract types it has developed. In this article, we will look for answers to the questions of what is the dYdX coin and how to use the platform.
- Abbreviation: dYdX
- Blockchain: Ethereum
- Token tipi: “Governance”, governance token
- Total supply: 1,000,000,000
- Roaming: 76,216,127 (As of September 10, 2021)
The founding name of the project, Antonio Juliano, is a successful name who has worked as a software engineer at global institutions such as Coinbase and Uber. There is a search engine called Weipoint, which he developed and founded for the decentralized internet. I think his experience in both software engineering and entrepreneurship is valuable.
As of the time of writing, the company has 26 employees and it should be noted that they are looking for teammates to work in different departments.
Where to buy dYdX?
The token of the platform, which attracted attention with its airdrop, began to be listed on many popular crypto currency exchanges. dYdX token; You can buy from central and global exchanges such as Binance, Huobi, OKEx, and Crypto.com. Also; We can say that it is also traded on decentralized exchanges such as Uniswap, Sushiswap and 1inch.
dYdX is compatible to work with any Ethereum-based and decentralized exchange. In parallel, it is a feature of the platform that creates an environment of trust for margin trading thanks to the smart contract developed on Ethereum.
Six smart contracts have been developed to support the platform. Thus, an environment of trust is ensured thanks to smart contracts with different functions. To take a quick look at smart contracts;
- dYdX Token Contract: Thanks to the “snapshots” taken for certain periods, it provides the right to choose and be chosen for the wallet addresses.
- dYdX Management Agreement: In case of platform specific offers and approval, the implementing contract comes into play.
- dYdX Implementation Agreement: The management can hold, cancel or perform the transfers realized on it. Expected transfers are held for the duration of the implementation contract.
- dYdX Priority Time Lock Agreement: It is based on whether the transfers have priority or not. In addition, it is included within the specified priority period (7 days).
- dYdX Management Strategy Agreement: It is a smart contract that contains the strategy required for vote counting.
- Security Module Agreement: The staking of dYdX tokens is the contract that realizes the staked positions and returns. It also holds the voting rights of stakers.
You can access the platform, which has a user-friendly interface, by clicking the link. There are parts such as voting, management, staking and trading within the platform. It seems that it is possible to access all parts of the menu easily.
dYdX exchange offers multi-wallet support, and it should be noted that these wallets include frequently preferred digital wallets such as Metamask, Coinbase Wallet and Trust. After matching the digital wallet you use, you can participate in staking and management.
So, how do these management and staking features work? Active and past management offers can be viewed on the platform. Those who are active can vote. Also, users holding DYDX or stkDYDX have the right to bid and vote. Through the panel, users can view their votes and offers.
Staking, that is, earning income by locking tokens, is very simple. Users can enjoy staking rewards by locking the USDC stable coin or DYDX token. Finally, let’s also mention that there is an award called the buy-sell award. Thanks to the buy-sell reward, they can earn rewards as a result of their transactions on the dYdX exchange every 28 days.
If you want to be interested in buying and selling, which is the crucial part of the stock market. to the link You can access the dXdY exchange by clicking on it.
It takes a very short time to become a member of the exchange, which has a Layer 2 solution. For now, 23 different altcoins appear to be open for trading on the platform. Considering the momentum dYdX has achieved, this number seems likely to increase.
We are faced with a view that we are accustomed to from other exchanges. The column where you can select token pairs as well as withdrawals and deposits is on the far left. The right side is divided into columns as a trading book. You can easily switch between transaction types via the menu where spot and margin buy and sell are combined.
The platform has highlighted the use of DAI and USDC. In fact, for users who do not trust USDT transactions, it is stated on the site of the platform that BTC-USD futures are made on USDC stable crypto money.
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