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dYdX ethDYDX ETHDYDX Price

$0.792

4.35%

$0.742

24h Range

$0.798

Market Cap

$170,368,179.7

Fully Diluted Valuation

$280,538,934.9

24 Hour Trading Vol

$21,765,059.9

Circulating Supply

215,157,791.7

Total Supply

354,292,320.5

Max Supply

Info

ETHDYDX Price Statistics

dYdX ethDYDX Price

$0.792

24h Range

$0.742 - $0.798

Percent Change 1h

-0.18%

Percent Change 24h

4.35%

Percent Change 7d

7.02%

All-time high

$27.86

All-time low

$0.642

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About dYdX ethDYDX

What is dYdX (ethDYDX) (ETHDYDX)?

dYdX (ETHDYDX) is a decentralized trading platform built on the Ethereum blockchain that specializes in derivatives trading, including perpetual contracts and margin trading. It allows users to trade various cryptocurrencies with leverage, enabling them to maximize their potential returns. dYdX utilizes smart contracts to facilitate trading without the need for intermediaries, providing users with greater control over their funds and trades. As of early 2024, dYdX has gained significant traction in the DeFi (Decentralized Finance) space, boasting over $1 billion in total trading volume in the previous month and supporting a wide range of trading pairs.

Who are the Founders of dYdX (ethDYDX)?

dYdX was co-founded by Antonio Juliano, who previously worked as an engineer at Coinbase and Uber. His experience in the tech industry and passion for decentralized finance led him to create dYdX in 2017, aiming to build a robust platform for derivatives trading on the blockchain. The founding team also includes other notable individuals in the crypto space, contributing to the platform's development and growth.

How does dYdX (ethDYDX) Work?

dYdX operates through a combination of smart contracts and layer-2 technology to enhance scalability and reduce transaction fees. Users can create an account and deposit cryptocurrencies into their dYdX wallets, which are secured by Ethereum's blockchain. The platform allows for margin trading, enabling users to borrow funds to trade larger positions than their account balance. When users place trades, they interact with smart contracts that automatically execute orders based on predefined conditions. The dYdX trading engine matches buyers and sellers, ensuring efficient market operations. Additionally, dYdX has implemented an automated market-making (AMM) mechanism to facilitate liquidity provision, allowing liquidity providers to earn fees by supplying capital to the platform.

Top Use Cases of dYdX (ethDYDX)

  • Leveraged Trading: Users can trade with leverage, allowing them to increase their potential profits by borrowing funds to enhance their trading positions.
  • Perpetual Contracts: Traders can engage in perpetual contracts, which are derivatives that allow users to speculate on the price movements of cryptocurrencies without an expiration date.
  • Decentralized Lending and Borrowing: Users can lend their assets to earn interest or borrow assets by providing collateral, thereby utilizing their crypto holdings more efficiently.
  • Liquidity Provision: Users can provide liquidity to the platform's pools to earn trading fees, contributing to the overall market efficiency.
  • Institutional Trading: dYdX has features tailored for institutional investors, including advanced trading tools and support for larger trading volumes.

How to Keep your dYdX (ethDYDX) Safe?

To ensure the safety of your dYdX (ETHDYDX) assets, consider the following precautions:

  • Use Hardware Wallets: Store your assets in a hardware wallet for enhanced security against hacks and unauthorized access.
  • Enable Two-Factor Authentication: Always enable 2FA on your account to add an extra layer of security when accessing your trading account.
  • Be Wary of Phishing Scams: Always verify the URLs and be cautious of unsolicited communications claiming to be from dYdX.
  • Keep Software Updated: Regularly update your wallet and any related software to mitigate vulnerabilities.
  • Limit Exposure: Only trade with funds you can afford to lose, and avoid keeping large sums on the platform for extended periods.

How to Invest in dYdX ethDYDX (ETHDYDX)?

Investing in dYdX ethDYDX (ETHDYDX) or any other cryptocurrency involves several steps:

1Choose a Reliable Exchange: Select a reputable cryptocurrency exchange platform like Coinbase, Binance, or Okx. These platforms allow you to buy, sell, and trade cryptocurrencies.

2Create an Account: Sign up for an account on your chosen exchange by providing the necessary personal information and completing the verification process.

3Fund Your Account: Deposit funds into your exchange account using various methods like bank transfers, credit/debit cards, or wire transfers.

4Buy dYdX ethDYDX: Once your account is funded, you can purchase dYdX ethDYDX directly from the exchange. Choose the desired amount and complete the transaction.

Investing in dYdX ethDYDX (ETHDYDX) Using Botsfolio:

Botsfolio is a platform that automates cryptocurrency investments using trading bots. To invest in dYdX ethDYDX using Botsfolio, follow these steps:

  • Create a Botsfolio Account: Sign up for a free account on the Botsfolio platform.
  • Create Portfolio: Select an investment type from available options such as Premade crypto portfolios OR Custom crypto portfolio.
  • Connect Your Exchange: Link your chosen cryptocurrency exchange account to Botsfolio through fast connect or API key to enable seamless investing.

Botsfolio allows you to automate your cryptocurrency investments, potentially saving time and effort while optimizing your trading strategies.

What is the Price Prediction for dYdX ethDYDX (ETHDYDX) in the Long Term?

dYdX ethDYDX (ETHDYDX) is currently trading at $0.792 and exhibits good potential for future growth. Check the latest dYdX ethDYDX (ETHDYDX) price prediction.

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