dYdX is a calculus notation-inspired decentralized finance (DeFi) protocol that focuses on crypto trading. The platform offers advanced trading strategies and instruments like derivatives.
The platform is powered by its native governance token DYDX, which falls into the ERC-20 category. dYdX aims to democratize access to financial services by offering user-friendly tools.
This article is your go-to guide to understanding the dYdX platform and the DYDX token. I will explain the key features of the protocol, the economics of the token, its past market performance, and future price forecasts. In the end, you can also find details of where and how you can buy these tokens.
Let’s get started without any delay.
dYdX (DYDX) Key Features
dYdX comes with a set of unique features. Here are a few.
| Self Custody | The token holders have full control over the funds during trading. |
| Low Fees | dYdX offers a very competitive fee structure for traders. |
| Advanced Order Types | Pro traders can use more advanced features like price triggers. |
| Fully Decentralized | dYdX is built on its own blockchain and governance protocol. |
| Community Governance | Holders of DYDX can participate in decision-making about the future of dYdX. |
dYdX (DYDX) Tokenomics
DYDX has a total supply of 536.04 million tokens and there is no limit on maximum supply. 295.62 million DYDX are in existing supply.
dYdX (DYDX) Past Performance
DYDX debuted the exchanges on April 2023 at a debut price of $2.63. After briefly touching the $3 mark, the token has slid back to prices ranging around $2 till November. DYDX has regained steam by the end of the year hitting an all-time high of $4.12 in March 2024.
At the time of penning this article, DYDX is trading at $3.08, which is 2% down from yesterday’s numbers.
At $905 million, the market capitalization is now inching toward the $1 billion mark.
dYdX (DYDX) Price Prediction
Technical analysis of the recent price data suggests that the market is bearish though the fear & greed index is showing 70, signaling greed. DYDX recorded 13 (43%) green days in the last month with a modest 9.59% price volatility. Our analysts think that now is a bad time to buy dYdX.
2024: In 2024, the price of DYDX is expected to go up by 228.50% and hit $10.00 by next month.
2025: Moving to 2025, DYDX is expected to trade between $3.04 and $14.40. In comparison, the upper price target will equate to a 368.73% return for the investor who buys the token today.
2030: Fast forward to 2030, price of DYDX is expected to fall between $7.70 and $12.48. This will be a return as high as 306.18%.
Where to Buy dYdX (DYDX)?
Thanks to its growing popularity, the DYDX token is available in several of the popular centralized exchanges and decentralized exchanges.
How to Buy dYdX (DYDX)?
DYDX has the highest liquidity on Binance and among the available pairs, DYDX/USDT has the highest market depth. Follow these steps to buy DYDX from Binance.
- First, install the Binance smartphone app or go to the Binance website and sign up for a free account. Get your account verified by completing the KYC procedures.
- Now, log in to your Binance account and top up your wallet via credit card, debit card, or bank wire.
- Go to the trading section and click on ‘buy crypto’. Verify the payment details that is displayed and click ‘confirm’.
- Once you have the funds, purchase USDT stablecoins and repeat the steps to buy DYDX by swapping the USDTs.
- When the transaction is complete, your DYDX tokens will appear on your Binance wallet.
- You can keep the tokens there or send them to a non-custodial wallet for an extra layer of safety.
Conclusion
With a nerdy name, dYdX is trying to fill in a need for an affordable and user-friendly trading platform in the crypto space. Thanks to its nifty features, the project has attracted a sizable number of users, beginner and advanced alike.
After lagging for a while in 2023, DYDX is showing signs of recovery now. Our analysts are cautiously optimistic about the token’s future performance.
With that being said, remember that crypto assets, including cryptocurrencies are susceptible to large price fluctuations and their prices may not always represent their underlying value. The reader is advised to stay away from speculative and leveraged investments.
