dYdX is a leading decentralized exchange that currently supports perpetual trading over 35 popular cryptocurrencies including BTC、ETH、DOGE and so on with up to 20x leverage.  It runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries.

dYdX was founded by Antonio Juliano, a California-based entrepreneur, in August 2017. The exchange was launched in July 2017 initially offering crypto margin trading, lending and borrowing services over Ethereum Layer 1.

August 2021, dYdX started offering cross-margin perpetual trading, users can repurpose their available balance on the platform to provide liquidity to existing trades — a popular method to avoid liquidations during high volatility.

In July 2023, dYdX released its V4 testnet. According to the initial roadmap, the launch of the dYdX V4 mainnet is expected to be completed by the end of September 2023. The V4 version will turn dYdX into an independent Layer 1 in the Cosmos ecosystem, with greater customization permissions, and also greater control over its native tokens.

As of 2024, dYdX has made significant strides in decentralizing its operations with the launch of its V4 mainnet, which transitions the platform to an independent Layer 1 blockchain in the Cosmos ecosystem. This shift is a key step toward fully decentralizing the governance and control of the protocol. The V4 release also marks the debut of dYdX’s own proof-of-stake (PoS) blockchain, which introduces a highly customizable, scalable infrastructure designed specifically for decentralized derivatives trading. Validators and community members now have more control over network governance, further enhancing the platform's security and decentralization.

In addition to these developments, dYdX is focused on expanding its feature set, including Permissionless Markets, which will allow users to list and trade any asset as long as an oracle price is available. This innovation is expected to significantly increase the number of markets available on the platform. Furthermore, the team is working on improving user experience and onboarding through new trading features, wallet integrations, and streamlined processes to make it easier for both new and experienced traders to participate in the ecosystem.

Above are only for introduction, not intended as investment advice.