Trading platforms offer a variety of options for users, but few specialize in decentralized perpetual futures. dYdX stands out in this niche, providing users with an innovative platform for perpetual trading, characterized with high transaction speed, low fees and numerous possibilities for DYDX token holders. It is also perfectly suitable for newbie traders, simplifying the DeFi experience and making the transition from centralized exchanges seamless.The recent developments in dYdX’s offerings make it an ideal choice for those looking to explore decentralized finance (DeFi) with ease. This guide is designed to help beginners navigate dYdX and its features, providing the essential steps needed to start trading.dYdX is a decentralized perpetual exchange. Launched in 2018, it has established itself as a leader in decentralized perpetual trading through its combination of cutting-edge technology and affordability. The platform’s growth is supported by prominent venture capital firms and investors, including Andreessen Horowitz, Paradigm, and Polychain, among others.In 2023, dYdX announced its migration from the Ethereum blockchain to the Cosmos ecosystem with the dYdX Chain. This transition marked a significant milestone for the platform, allowing for increased scalability, full decentralization, distribution of 100% of protocol fees to Stakers and higher throughput. The migration also enabled dYdX to implement a fully decentralized order book system and matching engine providing more control and precision for traders.dYdX Chain is fully decentralized, so users can easily onboard using a variety of wallets or socials thanks to the Privy integration and aren’t required to complete Know Your Customer (KYC) checks. All you need is a funded crypto wallet or social account and you can start trading in a matter of minutes.dYdX has established itself as a leading platform for perpetual trading of crypto assets. The platform’s average daily transaction volume consistently exceeds $1 billion, reaffirming its position as a significant player in the trading landscape. It has outpaced many decentralized trading platforms and competes with prominent centralized exchanges, demonstrating dYdX’s growing influence in the market.Before you begin trading on dYdX Chain, you need a compatible cryptocurrency wallet, e-mail or socials (X or Discord). Here’s how to set up a wallet:With your wallet ready and funded, it’s time to connect to dYdX Chain:dYdX Chain is available for iOS: the same dYdX Chain trading experience you know and love — now directly in your pocket!Download dYdX for iOS here.Once connected, you can explore dYdX Chain’s interface:Now that you’re familiar with the interface, you’re ready to place trades:Trading rewards incentivize users to trade on the protocol. dYdX rewards users for every successful trade based on the amount of fees paid. The system automatically distributes trading rewards directly to the trader’s account per block. Prior to each trade, the UI will also show the expected amount of rewards a trade of that size will receive. The dYdX Chain also runs a Launch Incentives Program, tailored to expand and transition the current dYdX user base to the new protocol. The governance proposal set aside $20M of DYDX from dYdX Chain Community Treasury to be distributed as rewards for trading and market making activity. You can find an extensive blog post describing the program details here.Trading on dYdX Chain requires staying updated:Although perpetual trading is inherently risky and not recommended for beginners, dYdX Chain offers an excellent starting point for those interested in trading perpetual futures. The platform boasts high liquidity, support for a wide range of assets, and low fees due to its advanced technology. These features make dYdX Chain a serious competitor to prominent centralized exchanges.DisclaimerIn adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
