Dydx 65m series 10m

Oracles that dYdX uses can be obtained by calling the getMarketPriceOracle function on dYdX’s Solo Margin contract.

Currently the addresses are:

  • WETH Oracle (Market ID 0): 0xf61AE328463CD997C7b58e7045CdC613e1cFdb69
  • SAI Oracle (Market ID 1): 0x91d8825e0294d6628f8C93ac8ddA88773618608a
  • USDC Oracle (Market ID 2): 0x52f1c952A48a4588f9ae615d38cfdbf8dF036e60
  • DAI Oracle (Market ID 3): 0x0fBd14718d8FAB8f9f40Ee5c5612b1F0717100A2

Source

  • https://help.dydx.exchange/en/articles/2953486-where-does-price-information-come-from
  • https://docs.dydx.exchange/#/contracts”

Privacy Method

Compliance

  • FromDeFi Llama (28-8-2021):

“Although they claim to be a decentralized exchange, their Perpetual services are unavailable to Americans, so the specifics of their decentralization are a bit unclear.


In addition to protocol improvements, dYdX launched perpetual trading on its exchange, introduced Trading Leagues, developed an iOS mobile app for the exchange, listed dozens of markets, and unveiled ‘Hedgies’, a unique collection of 4,200 collectable avatars represented as NFTs on Ethereum distributed to the dYdX community. Since 2017, dYdX closed three rounds of funding, most recently a $65M Series C round led by Paradigm in June 2021.

The exchange now has around sixty thousand users, ranging from institutional funds to sophisticated day traders, catering to both the most experienced traders and users new to the space.


Retroactive Mining and Trading Rewards Programs, which incentivizes 64,306 historical users of dYdX to onboard onto the L2 protocol and start trading.

  • The volume on dYdX had a huge further increase (29-9-2021):
  • “Tokens are critical for rollup projects. Interesting data point from dYdX. Daily volumes: – Token announced: shot up from $25M to $300M – Token released: $300M to $9B”

    dYdX now accounts for more than all other DEX trading combined.

    Pros and Cons

    Team, Funding, partners

    • Antonio Juliano; founder and CEO
    • Zhuoxun Yin; Head of Strategy and Operations
    • Reuben Bramanathan; advisor (28-9-2020).
    • The Series C round will double their 16 person team over the course of next year (15-6-2021).

    Funding

    • Raised(19-10-2018) $10M Series A led by a16z crypto and Polychain Capital.

    Dydx 65m series 10m006

    I am extremely proud of the team’s accomplishments over the last five years, while envisioning even more progress over the next five years, and beyond. As we’ve grown over the past half decade, our goals have never wavered – we want to be the premier decentralized exchange in the industry and look forward to continuing our pursuit to reach that objective.”

    Throughout its first five years of operation, dYdX has consistently worked to improve the protocol. Most recently, the Company’s announced dYdX V4, developed as a standalone blockchain based on the Cosmos SDK, which will fully decentralize the protocol later this year.

    Dydx 65m series 10ma

    YdX is run natively on the blockchain, and the blockchain is available to more people in more places in the world,” said Juliano.”

    Implementations

    • Built on: Ethereum

    How it works

    • From an interview with the founder, by The Defiant (21-3-2021):

    “So we at dYdX are what’s known as a hybrid exchange, so that means that we have some centralized components which are our order book, and our matching engine services, and then some decentralized components, which are, of course, the smart contracts which run on the blockchain and make everything noncustodial.

    So given that we run on an order book, we don’t run on automated market makers, and kind of the reason for that is just order books are a lot more efficient in terms of being able to make the exchange have much more liquidity for the same amount of maker capital.

    Dydx 65m series 10md

    As a result many traders got liquidated and lost a lot of confidence in the platform. They’re slowly making their way back up but it really shows how an incident like this can cause irreparable harm to a product/protocol’s reputation when it comes to reliability. When we think about making software, reliability isn’t a big as a focus compared to more traditional industries like medicine/automobiles etc due to the ease of making changes.
    However, I think the mindset of ensuring reliability in all cases is hard to enforce in the land of money enabled software as it takes a different mindset when designing your architecture (not just for smart contracts but the entire stack).
    Our goal really is to get to a point where we’re only publishing open-source code and all of dYdX is run natively on the blockchain, and the blockchain is available to more people in more places in the world,” said Juliano.”

    Usage

    • FromToken Tuesdays (1-4-2020):

    “Since implementing their revenue model [fees], trading volume has only continued to explode, recently reaching it’s ATH in volume of $45M on Black Thursday a few weeks back.”

    • FromOur Network #7 (10-4-2020):

    “At inception it used 0x and Oasis DEXs to source liquidity. Late last year they launched their native markets. These markets allow users to trade with each other. dYdX’s native market has seen significant growth since launching last year. On Black Thursday (March 12th, 2020), dYdX saw massive influx in amount traded, despite having to increase the minimum trade amount.

    The latest was in 4-2019.

  • Scored a 77% on DeFi Safety (9-2020): “dydx had multiple audits through their development as documented on their site. The OpenZeppelin audit included improvements that were resolved as indicated. The link to the Bramah audit is broken meaning the audit report is not public.
    We will not give credit for the second audit. They have one audit from a top level audit organization. The audits is public and they have implemented findings in order to improve their code.”
  • Got updated to an 92% score (29-12-2020): “[This review] was performed using the Process Audit process (version 0.2) then was updated to V0.4 on 27 July 2020 and then 0.6 in 29 December 20202. The process is documented here. The audit was performed by ShinkaRex of Caliburn Consulting.
  • They have one audit from a top level audit organization.

    The leading decentralized derivatives exchange has surpassed $630.8B in cumulative volume and amassed over 59,000 users since its inception in July 2017

    NEW YORK, July 28, 2022 /PRNewswire/ — dYdX Trading Inc. (“the Company”), developer of the leading decentralized derivatives exchange, dYdX, today celebrates its five-year anniversary with its partners and community. During the Company’s five-year tenure, over $630B in volume across 38 markets has been traded on dYdX, and over the last year dYdX has seen cumulative volume grow by 233x. The five-year milestone comes shortly after the Company announced dYdX V4, which will mark the full decentralization of the exchange.

    dYdX Trading CEO Antonio Juliano commented, “Today is an incredible milestone for dYdX.

    By leveraging the best elements of both centralized and decentralized exchanges, dYdX has created a premier trading platform that continues to attract traders across the world.

    Juliano continued, “We believe that decentralized finance is the future and we’ve only scratched the surface of what dYdX can achieve. There will be many more advances for our product and our company, and I’m excited to see what dYdX looks like when we are celebrating a decade of operations.”

    About dYdXdYdX is the developer of a leading decentralized exchange on a mission to build open, secure, and powerful financial products. dYdX runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading.

    Since launch, the protocol has seen good volumes, with daily volume exceeding $12M in a single day of trading. That pushed dYdX to the top of DEX volume. Average trade size is always a good metric for an exchange. dYdX shines here with liquidity from their off-chain orderbook/on-chain settlement system. Post-launch, they saw average trade sizes of up to $7k.
    Trades per day naturally follows volatility, but dYdX has seen on average around 400 trades per day since launch.”

    • Crossed $3B in transaction volume on dYdX since launch (19-1-2021).
    • YdX ranks sixth among decentralized exchanges in volume across the last 7 days and ninth for users, according to data from Dune Analytics (26-1-2021).
    • Since the DYDX token launch, dYdX has quickly (14-8-2021) become the top decentralized perpetuals exchange by volume ($1B weekly volume), passing Perpetual Protocol.

    Basics

    • Based in: Switzerland
    • Founded in 2017
    • Live (1-3-2019) on EthereumMainnet
    • dYdX “enables open, efficient and secure financial products on cryptoassets”.
    • Liquidity protocol for margin trading
    • Open trading platform for crypto assets
    • Works on the application layer. Focus is on use cases.
    • Launched the ETH-USDC market through 0x

    History

    • From an interview with the founder, by The Defiant (21-3-2021):

    “I got into crypto back in 2015 when I had my first job out of college, which was at Coinbase as a software engineer. And I kind of got to Coinbase pretty differently than the way most people got there.

    Leave a Reply

    Your email address will not be published.