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Dydx

DYDX Chain Starts Paying Trading Rewards Following DAOKey Takeaway 1. dYdX Chain has enabled trading rewards for users of its decentralized derivatives protocol following the launch of full trading on the new Cosmos-based Layer 1. 2. A six-month incentive program has also been initiated, offering rewards worth $20 million in DYDX tokens. Cosmos-based Layer 1 dYdX Chain has begun distributing rewards accrued from trading activities to users, following the commencement of full trading on the decentralized derivatives trading protocol, which was greenlit by a decisive governance vote. The beta mainnet of dYdX Chain was launched on November 14, initiating "active trading" across more than 33 markets with leverage of up to 20x. During the beta phase, although staking rewards were active, trading rewards were not being distributed, yet users were accruing 100% of the protocol’s trading fees. Following the conclusion of the governance vote earlier today, trading rewards are now fully enabled. Staking rewards for validators and stakers will continue to be paid in USDC and DYDX. Since the launch of the beta stage two weeks ago, the protocol has seen over $1.86 million in total trades across roughly 14,000 transactions, as reported by the dYdX Operations subDAO, which manages the decentralized infrastructure of the dYdX Chain. Initially, just four markets are available for full trading: BTC/USD, ETH/USD, SOL/USD and LINK/USD, with more markets to be added over the coming weeks, the dYdX Operations subDAO said. Migrating from Ethereum to the Cosmos ecosystem The alpha mainnet for dYdX version 4, along with the debut of its Cosmos-based blockchain, was launched on Oct. 26, signaling a notable transition for the leading decentralized derivatives platform to become a standalone Layer 1 on Cosmos after previously relying on Ethereum Layer 2 scaling solution StarkEx in version 3. Users migrating from Ethereum to the dYdX Chain utilize the wethDYDX smart contract, a one-way bridge facilitating the exchange of ethDYDX tokens for wethDYDX on Ethereum and DYDX, the native token on the dYdX Chain. There are currently over 437 million ethDYDX bridged and 16.45 million DYDX staked to the dYdX Chain, according to the dYdX Foundation. Incentivizing early adopters The dYdX community also approved the introduction of a six-month incentive program today, proposed by Chaos Labs. The program earmarks $20 million in DYDX tokens to be distributed among early adopters of the dYdX Chain, aiming to boost adoption and trading volume. The program is also designed to prevent abusive behaviors, such as wash trading, and each distribution of the DYDX rewards is subject to approval from the dYdX community. The dYdX platform ranks as the most extensive decentralized derivatives trading platform in crypto, with a cumulative volume of over $1 trillion since 2020.
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by DEXWireNews
4
Is DYDX about to do what QTUM did ?DYDX is a well used derivative DEX Can check on tokenterminal the fees being generated and the daily users on DYDX. It is gaining traction and should get a whole lot more come bull market. Very strong fractal As QTUM did previously, DYDX has fallen a lot since launch. However after 100ma appeared on the weekly timeframe and price was able to catch it... QTUM launched all the way back moving 14x from support (more from lows) DYDX looks on trend to follow Considering fractal and increasing fundamentals.. it seems increasing chance that DYDX does something similar and is something to keep a very close eye on!!
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by SoftQuant
dYdX's (DYDX) Buying Momentum DecreasingdYdX (DYDX) DYDX has surged more than 200% over the first three weeks of November. This growth is primarily linked to the cryptocurrency project's recent launch of its own blockchain, which increased the visibility of the dYdX exchange and boosted the demand for its token. At present, DYDX is trading between a support zone of $2.80-$3.15 and a resistance range of $3.50-$3.75. A slightly higher seller's zone is observed at $4.00-$4.35. Testing this higher range is seen as the next step in maintaining the upward trend. Nevertheless, the likelihood of reaching a new yearly high seems uncertain due to the gradual waning of the buying momentum. In the event of a correction, DYDX could potentially fall back to support levels of $2.15-$2.40 and $1.8-$2.0. It's also crucial to consider fundamental factors, such as the significant unlocking of DYDX coins that took place at the beginning of November. In a scenario where the price drops, the market might witness a substantial sell-off of coins, which could further negatively affect the asset's price.
by DEXWireNews
📈 DYDX: Breaking the Charts with Precision! 💹 DYDX has emerged as a star player in the crypto charts, showcasing a compelling technical setup that has traders buzzing with excitement. The recent surge in price is not just a random move; it's a result of a clear breakout coupled with a meticulous retest of a significant accumulation zone. Let's dive into why DYDX is currently trading around the $4 mark. Chart Analysis: DYDX's Technical Brilliance DYDX's chart tells a tale of technical brilliance, featuring a decisive breakout and subsequent retest. The coin surged with purpose, breaking out from a well-defined accumulation pattern that took the form of a symmetrical triangle. Such patterns often signify a period of consolidation before a powerful move, and DYDX did not disappoint. Technical Indicators: The Precision of the Breakout The precision of DYDX's breakout is evident not only in the strength of the move itself but also in the subsequent retest. The price action confirms a clean and well-executed escape from the accumulation zone, showcasing the market's confidence in DYDX's upward trajectory. Trading Strategy: Navigating DYDX's Momentum For traders eyeing DYDX, the breakout and retest present a prime opportunity for strategic entries. Monitoring the coin's momentum and confirming the sustainability of the upward move will be crucial. A well-crafted trading strategy, considering these technical nuances, could position traders favorably in DYDX's promising journey. Conclusion: DYDX's Charting Triumph DYDX's recent price surge is more than a mere spike; it's a triumph in charting precision. The breakout from the symmetrical triangle, followed by a calculated retest, speaks volumes about the coin's technical strength. As DYDX continues to chart its course, traders are poised to ride the momentum of this well-executed move. 🚀 DYDX Analysis | 📊 Technical Breakouts | 💡 Trading Precision Are you diving into DYDX's charting triumph? Share your insights, strategies💚🌐💚 ❗See related ideas below❗
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by Yaroslav_Krasko
DYDXUSDT.1DBased on the provided market data for DYDX, the currency is currently trading at a price of 2.692 against USDT. The Relative Strength Index (RSI) for 4 hours, 1 day and 7 days are 64.92, 73.96 and 62.9 respectively. The RSI for 1 day is above 70, which is generally considered overbought, indicating that a price correction might be due. The Moving Average Convergence Divergence (MACD) for 4 hours, 1 day and 7 days are 0.051, 0.124 and 0.030 respectively. The MACD being above zero indicates the short-term average is above the long-term average, suggesting upward momentum. The Bollinger Band (Bb) for 4 hours, 1 day and 7 days are 2.685, 2.674 and 2.630 respectively. The current price is above the 4-hour and 1-day Bollinger Bands, suggesting the currency is trading at a relatively high level. The support levels for 4 hours are 2.494, 2.346 and 2.179, and resistance levels are 2.744, 2.986 and 3.061. For 1 day, support levels are 2.289, 2.074 and 1.900, and resistance levels are 2.790, 3.190 and 3.339. For 7 days, support levels are 2.098, 1.787 and 1.363, and resistance levels are 3.121, 3.645 and 4.290. In my opinion, DYDX is currently in a strong upward momentum as indicated by the RSI and MACD. However, the overbought RSI for 1 day suggests there might be a price correction in the short term. The currency might test the resistance levels in the coming days, but if it fails to break through, it might retrace back towards the support levels. As always, it's advised to consider other market factors and your risk tolerance before making investment decisions.
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by MarsSignals
🔥dYdX is $300M Cap Altcoin That Can Turn to $1B In a 1 MonthdYdX is a DEX (decentralized exchange) which related to Binance. It doesn't grow to much such as Solana, Link and other "old" altcoins, so it means that dYdX has a great potential to grow. Its cap ($300M) is to low for such type of project and bull market will show it! The middle and bottom of the channel is a areas where you should consider long or spot purcahses. Also squeeze and trendline breakout will confirm the power of bulls. The closest targets is a top of the channel, $4 and $7 key levels. like❤️ and follow Check the links and get a BONUS🎁 from me👇
by Alex_Dehtiarov
3
DYDX/USDTPossible break and retest happening on DYDX. Let's see if this key level can hold and buyers show that they are in control, or will it break and they need more time. If there will be new crypto bull market, I think Dexes like GMX, GNS and DYDX will perform well, as they will start to bring profitable revenue in and share it with holders of their tokens If you are surprised that altcoins got whacked for the last 4 months against Bitcoin you shouldn't be Post from june about alts No trade is risk free! 1st mistake novice traders do is not having risk management and get their ass burned! -PalenTrade
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by PalenTrade
4
DYDX/USDT Break Key Level area. Ready to Upward momentum ??💎 DYDX has certainly piqued our interest. In a remarkable turn of events, DYDX has managed to breach a formidable resistance zone, substantiating its bullish momentum with a validated retesting phase. 💎 The resilience of this resistance, historically repelling advances, has now been overcome, signaling a robust bullish phase for DYDX, poised to ascend further. The trajectory suggests a smooth sail towards significant supply zones, Probability reaching even the bearish OB regions with ease. 💎 However, sustaining current support levels is crucial for DYDX. Failure to do so might necessitate a fallback to the $2.1 demand zone for a rebound attempt. 💎 Conversely, a more ominous scenario looms if DYDX retraces to the demand zone and falters, failing to uphold its position. Such a development could spell a bearish reversal, initiating a downward momentum. Under these circumstances, DYDX could find itself navigating back towards more substantial demand zones, indicative of a more profound bearish undertow.
by MyCryptoParadise