dYdX is a leading decentralized finance protocol that focuses on perpetual derivatives trading. dYdX focuses on investment tools like perpetual futures (a type of derivative that allows traders to speculate on the price of a crypto asset without owning it). The dYdX Chain distributes 100% of protocol fees to DYDX Stakers for bolstering the dYdX Chain’s security.
Fireblocks offers secure and efficient access to dYdX’s decentralized exchange features.
Fireblocks’ integration with the DYDX Chain facilitates and expedites institutional involvement in the DeFi derivatives ecosystem. Their continuous innovation and dedication to DeFi security empower sophisticated players to stay ahead of the curve in this rapidly evolving industry.
About dYdX
Since launching in 2017, dYdX has launched support for popular perpetual trading pairs, including Ethereum, Bitcoin, Solana, Polygon, Avalanche, and Uniswap.
In June 2022, the team began a move to their own independent blockchain based on Cosmos SDK and Tendermint PoS. dYdX explained that the motivation behind their move was higher throughput, full decentralization, and 100% of protocol fees distributed to DYDX Stakers.. With this switch, the team aimed to improve their performance and meet their goal of full decentralization.
What Fireblocks users can do with dYdX
Fireblocks users can do the following with dYdX:
- Custody dYdX in their Fireblocks Vault.
- Securely transfer dYdX on the Fireblocks Network.
- Stake dYdX through our staking partners Figment and Kiln.
dYdX: At a glance
- Since the dYdX Chain’s launch six months ago, it has seen $150 billion in cumulative trading volume
- Over $25.3 million in USDC have been distributed as staking rewards to over 20,000 stakers
- dYdX has a current annual return rate of 19.2% as of May 28, 2024, according to Mintscan
- The Current Open Interest on dYdX Chain is $149M
- TVL is $125M
- dYdX currently offers 68 active markets to trade
The post Fireblocks x Cosmos: Exploring dYdX appeared first on Fireblocks.