dYdX

dYdX is a decentralized trading platform built on its own Layer-1 blockchain, designed to let users trade perpetual contracts and derivatives without relying on a centralized intermediary. It aims to give professional-grade traders access to high-leverage instruments, deep liquidity, and low fees in a fully on-chain environment. The project addresses the gap between the sophistication of centralized crypto exchanges and the transparency and self-custody that decentralized finance can provide.

The dYdX chain is built using the Cosmos SDK, meaning it operates as an independent proof-of-stake blockchain within the broader Cosmos ecosystem rather than as a smart-contract layer on top of an existing network. The DYDX token is used for governance, allowing holders to vote on protocol parameters and upgrades, and it can also be staked to validators who secure the chain. The chain settles trades natively, with block times recorded at effectively zero minutes in the stored data, though the protocol description notes it targets high throughput for a trading-grade experience.

The stored data does not include a discrete fee-revenue figure, so fee-based yield or earnings measures are not available on this page. What the data does show is a 30-day average trading volume equal to roughly 5.15 times the market capitalization and a volume-to-TVL ratio of approximately 0.077 over the same period, both of which reflect the pace of activity flowing through the protocol relative to its size. Total value locked stands at roughly $69.99 million at the point of measurement, against a fully diluted valuation of approximately 1.69 times that figure. Whether trading fees are redistributed to stakers, burned, or retained by the protocol treasury is not specified in the data held here.