dYdX Exchange Tutorial

dYdX Exchange Tutorial

dYdx is a decentralized exchange for margin trading where users can trade, borrow, and lend any supported asset. With dYdX, you remain in full control of your funds at all times. There are no central intermediaries that hold your private keys and your funds are secured by smart contracts at all times.

The company was formed in 2017 by Antonio Juliano (an ex Coinbase and Uber software engineer) and first launched the platform in 2019. Their unique blend of DEX, lending, and derivatives has built a strong foundation that has led dYdX to be one of the most popular decentralized margin trading platforms, with its first peak of over 150,000 ETH (worth over $30 million at the time) locked up in its smart contracts in November 2019 and now steadily reaching close to $40 million. 

Ledger Nano X - The secure hardware wallet

dYdX users can trade between ETH, DAI, and USDC plus bitcoin trading is now live with up to 10x leverage with perpetual contracts. ETH and DAI to USDC are coming soon but unfortunately, this is not available in the US. The platform’s features are basic trading between 3 simple assets (being ETH, DAI, and USDC), lending assets to collect interest, and two types of margin trading: isolated margin trading and cross margin trading. Though these are simple tools for the veteran trader, they are a huge leap forward for DeFi . They also have plans to expand beyond the three basic crypto assets that are currently available on the platform

How to use Metamask tutorial