The launch marks a notable shift for the decentralized exchange, which has until now been known almost entirely for its derivatives markets.
Also: Aerodrome Overhaul, Cloudflare Outage and dYdX Buyback Increase Approved.
The new proposal, which 59.38% of the community approved, charts a course to raise the buy-back allocation up from 25% of net protocol fees.
dYdX (DYDX), one of the leading decentralized cryptocurrency trading platforms in the industry, is reportedly preparing to enter the US market by the end of the year, following the recent shift in crypto policies by the Trump administration. dYdX Expands Amid Supportive Legislation In an interview with Reuters, Eddie Zhang, the president of dYdX, emphasized the importance of this move, stating that having a presence in the United States aligns with the platform’s future direction. Unlike centralized exchanges such as Coinbase (COIN) and Kraken, which act as intermediaries between buyers and sellers, dYdX aims to eliminate the middleman, allowing users to transact directly on a blockchain network that underpins cryptocurrencies. Related Reading: Bitcoin Price Path Ahead: 10 Indicators Converge For Market Surge, End-Of-2025 Projections The platform specializes in perpetual contracts, a form of derivative that enables traders to speculate on asset prices without ownership and without an expiration date, distinguishing it from traditional futures contracts. Since its inception, dYdX has surpassed $1.5 trillion in total trading volume. As part of its expansion strategy, dYdX plans to introduce spot trading for Solana (SOL) and other linked cryptocurrencies, potentially including XRP and Cardano (ADA), to US users by the end of the year. This move comes in the wake of President Donald Trump’s increased support for the cryptocurrency sector, which has led to the dismissal of numerous lawsuits against major crypto platforms and prompted financial regulators to develop specialized rules for digital assets. These new measures include Congress’s passage of the GENIUS Act earlier this year and the potential passage of the Market Structure Bill. Together, these measures address the industry’s call for a new framework that could boost adoption and growth of the broader digital asset ecosystem in the US. Trading Fees Slashed, Prospective Offerings Awaiting Guidance Upon its entry into the US market, Reuters reports that dYdX intends to reduce its trading fees significantly, with plans to cut them by as much as half, bringing them down to between 50 and 65 basis points. However, while perpetual contracts will not be available to US users immediately, Zhang expressed hope that regulators will eventually provide the necessary guidance for decentralized platforms to offer these products. Related Reading: Bitcoin, XRP, Ethereum Dip Post Fed’s Rate Cut: What’s Next For Crypto? The US Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) recently issued a joint statement indicating their willingness to consider allowing crypto perpetual contracts to trade across regulated platforms in the US, which could pave the way for dYdX’s future offerings. As of this writing, the platform’s native token, DYDX, is trading at approximately $0.30. However, the token has experienced a significant decline of nearly 68% over the past year, shedding about $1.43 billion in market cap value. Featured image from DALL-E, chart from TradingView.com
dYdX will not be able to offer perpetual futures trading in the U.S., but said it will look forward to future regulatory changes.
Dogecoin (DOGE) is facing a steep market cooldown after weeks of heightened trading activity in early October. Data from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have crashed, indicating a sharp decline in the meme coin’s momentum. The latest figures reveal a significant pullback in derivatives activity and spot market participation, suggesting that traders may be retreating from speculative positions as volatility eases. Dogecoin Open Interest Crashes Over 60% Dogecoin’s Open Interest has plunged dramatically from its October highs, reflecting a rapid exodus of leveraged traders from the market. According to CoinGlass, total exchange DOGE futures Open Interest has fallen over 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October 28. This represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per token. Related Reading: Dogecoin Treasury Company Looking To Use Strategy’s Bitcoin Playbook For DOGE, Here’s How Despite the decline in Open Interest, Binance, BitMEX, and Bybit continue to lead as the top exchanges with the highest Dogecoin futures activity. Still, the downturn has been widespread across exchanges. Kucoin recorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% decline. Over the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while Crypto.com saw a 7.36% reduction. Even Binance, which consistently leads Dogecoin futures trading, has seen a notable pullback. CoinGlass reports that the exchange’s Open Interest peaked at $964.7 million on October 7, marking a monthly high. Since then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three weeks. Dogecoin Sees Even Worse Decline In Volume Trading volume for Dogecoin has mirrored the collapse in Open Interest. CoinGlass data shows that Dogecoin’s futures volume heatmap across major crypto exchanges is in the red zone. Total trading volume had spiked to $20.45 billion on October 11, following the devastating crypto flash crash on October 10, but has since plummeted to $5.31 billion as of October 28. This represents a whopping 74% decline. Related Reading: Dogecoin Price Macro Target Remains Above $2, And The Market Crash Hasn’t Changed It On individual exchanges, Binance’s DOGE trading volume dropped by 9.35% in the past 24 hours, while OKX saw a 13.69% decline. CoinEx recorded the largest volume decrease at 26.1%, followed by Gate.io at 23.94%. Popular exchanges like Bitget, Kucoin, and Bitunix also reported varying declines of 4.96%, 20.37% and 13.16%, respectively, as overall market liquidity thinned. However, a few exchanges bucked the downward trend, recording slight gains. dYdX saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and Hyperliquid rose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, respectively. Alongside its decline in trading volume, CoinGlass notes that Dogecoin’s price performance has slipped. The meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours. Featured image from iStock, chart from Tradingview.com
Decentralized trading exchange dYdX has introduced a token buyback program to strengthen network security and enhance the utility of its native token, DYDX. According to a March 24 announcement, the protocol stated that it would allocate 25% of its net monthly fees to buy DYDX tokens from the open market. These tokens will be staked […]
The post dYdX jumps 8% after introducing token buyback program to bolster network security appeared first on CryptoSlate.
DYdX is allocating 25% of protocol fees to the program, with active governance discussions on an increase to 100%.
The layer-1 chain needs more than a successful perpetuals exchange to justify the HYPE token’s lofty valuation, according to the asset manager.
The following is a guest article from Vincent Maliepaard, Marketing Director at IntoTheBlock. DeFi is driving one of the most aggressive waves of innovation in decades. While it may feel like an established sector to some, DeFi is still rapidly evolving, continually introducing tools with the potential to redefine traditional finance. Here’s a look at […]
The post The 8 next big trends to watch in DeFi appeared first on CryptoSlate.
This week’s Crypto Biz explores Coinbase’s earnings, Reddit’s sale of crypto holdings and Circle’s new fee structure for institutional investors and high-volume traders.
The CEO of the dYdX Foundation sees parallels between the internet of the 1990s and where Decentralized Finance (DeFi) is today.
The decentralized crypto exchange laid off more than a third of its workforce on the same day Ethereum development firm Consensys cut 162 employees.
"The company we’ve built is different from the company dYdX must be," said the CEO.
As Bitcoiners descend on Nashville for a big annual conference, we're covering robust demand for new Ethereum spot exchange-traded funds (ETFs) and recapping the $230 million WazirX hack.
An attacker appears to have installed a token-draining program on the official domain for dYdX version 3.0.
DYDX also has a large unlock scheduled but is not experiencing the same pricing pressure.
The dYdX community votes to stake $60 million in tokens with Stride, automating USDC rewards and bolstering network security.
The decentralized Cosmos exchange Osmosis has been listed as the most actively developed DeFi project in the last month.
dYdX’s market recorded a trading volume of $757 million, taking the top spot in 24-hour volume.
The decentralized exchange, which last year moved over to the Cosmos blockchain, just saw $757 million of volume over a 24-hour period.