Key Insights:

Intro:

DYDX is a decentralized exchange platform for cryptocurrency margin trading for assets like BTC, ETH, SOL, DOT, and more.

In a nutshell, DYDX offers a platform for traders to swap and trade perpetuals. Perpetuals or perps are a type of derivative that allows traders to gain long or short exposure to a certain crypto asset. Perpetuals function similarly to futures contracts, only they never expire according to a schedule.

Other than margin trade, traders can also borrow, and lend cryptocurrency. They also have an IOS app, which is not usual for decentralized platforms.

What makes the project interesting is not only the perps, huge amounts of volume taking place every day, or the IOS app, but that they are currently building their own blockchain to sustain the daily amounts of trades with less friction and gas fees.

How big is DYDX?

There are over 25,000 trades using the platform, and only in the last 24h, there have been +86,000 trades taken with a total trading volume of +$485,000.

With a current market cap of 203M and a Total value locked of 364M, DYDX is the #155 (Coingecko) largest crypto project by market cap.

Some of their backers and investors are;