DYdX is a project that deserves review due to the token making it to top gainers chart on coinmarketcap. Nowadays, the cryptocurrency world is being driven by memes, shitcoins and non-functional tokens, created on several different networks and blockchains, which serve no purpose at all other than tricking users into trading those assets to create market fluctuations that are backed by no specific reason at all and are all artificially made. This mess must come to an end, and cryptoandreviews.com is here to do that.
The benefits of DYdX are closely linked to the utility of the tokens which will be reviewed on this article.
Cronos, PancakeSwap and The Sandbox all had a quick run up when they were introduced into the market. Many people invested in the initial idea while others didn’t. You know the rest of the story as of today.
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A lot of investors have hurriedly delved into investing on a project they have little knowledge about Due to Fear Of Missing Out. So on this article, we will review DYdX token by explaining what the coin is about, tokenomics, roadmap, ICO, staking insights of the project, listing the pros and cons, the supply and how legit/safe the token is for investment.
What is DYdX?
DYDX (dYdX) is the governance token for the layer 2 protocol of the eponymous non-custodial decentralized cryptocurrency exchange. It serves to facilitate the operation of layer 2 and allows traders, liquidity providers and partners to contribute to the definition of the protocol’s future as a community.
Token holders are granted the right to propose changes on the dYdX’s layer 2, and are presented with an opportunity to profit through token staking and trading fee discounts.
Built on Starkwire’s StarkEx scalability engine, layer 2 is used for trading of cross-margined perpetuals on the platform. The scaling solution allows dYdX to increase transaction speed, eliminate gas costs, reduce trading fees and lower minimum trade sizes on the protocol.
An open-source platform with smart contract functionality, dYdX is designed for users to lend, borrow and trade crypto assets. Although dYdX supports spot trading, the main focus of the platform is on derivatives and margin trading.
The exchange was founded in 2017 with over $10 million in seed venture capitalist funding and went live in 2019. DXDY token Initial coin offering (ICO) was on September 9th 2021.
Who Are the Founders of dYdX?
Antonio Juliano — an experienced programmer with a background in blockchain technology is the founder and CEO of DYDX.
He first entered the crypto space in 2015 upon getting a job as a software engineer at Coinbase — a cryptocurrency exchange platform.
As a Princeton University graduate with a degree in computer science, Antonio Juliano embarked on his entrepreneurial journey and founded dYdX in early 2017 .
Zhuoxun Yin is head of operations at dYdX. Не previously worked at Nimble — a social sales and marketing CRM and Bain & Company — a consulting service. Zhuoxun Yin studied at University of Queensland and has a bachelor’s degree in commerce.
There are 65,569,295.00 DYDX in supply worldwide.
Pros and Cons of DYdX
Pros of DYdX
- There is a surge in the market price currently
- Project whitepaper available
- There is a community
- Contract on Ethereum
- They are fully decentralized
- A lot of investors are ‘flocking’ to invest
- It is listed on coinmarketcap
- Good navigational website – DYdX
Cons of DYdX
- The coin is still under research and development
- Multiple issues with its synchronizations between ledgers
- Not listed on some exchanges
- No Github profile
- They have no reddit account
- No Bitcointalk thread created
- No traceable features on tradingview
Is DYdX Legit or Scam?
A cryptocurrency project requires you to part with your hard earned cash in order for you to become successful. You expect some level of transparency and professionalism from a project or the team that is asking for your money.
According to research and reviews, DYdX have developed a problem solver but with a weak back up for the token they produce. Going through their community and roadmap about their project, their visions and aims have so far been achieved.
Is DYdX Safe?
Being willing to invest in any token is a question entirely up to you to answer. DYdX token has a formidable team and vision to backup their digital assets and project. The project will succeed but depends if the team keeps the vision active and alive.
Make personal research on the coin, visit coin’s official website.
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