dYdX, a decentralized exchange (DEX), has been a significant focus in the cryptocurrency trading market recently. The DEX derivatives market is projected to soar to
$3.48 trillion by 2025. Despite expected struggles following layoffs being announced by dYdX CEO,
Juliano, reporting a 35% reduction in workforce, the price of
dYdX has undauntedly surged significantly. The coin's heightened performance coincided with reports of David Sacks, named by Trump as the 'AI and Crypto Czar,' supporting the coin, leading to a surge of up to 30-35% in its price. There is speculation amongst traders that this upward trend would continue.
In a bid to raise its profile, a debut on
Perpetual Futures on Prediction Markets is planned by the DEX. dYdX has also approved $4m funding for its developer ecosystem program. Despite the major layoffs, the token's price is suggested to be bullish due to a possible shift in strategy towards 'permissionless listing,' enabling any market to be listed instantly with liquidity. There are also reports of dYdX introducing its own blockchain for their V5 upgrade.
However, the path ahead is not entirely smooth; users have been warned following a DNS attack on its V3 platform. This occurred in the face of the company reportedly exploring the sale of its derivatives trading arm. Binance has also made clear its intention to end support for the DYdX token on the Ethereum Network.
DYDX Coin News Analytics from Mon, 13 Sep 2021 07:00:00 GMT to Tue, 28 Jan 2025 21:10:14 GMT -
Rating 7
- Innovation 5
- Information 6
- Rumor 2
