dYdX (DYDX) is a cryptocurrency that powers a decentralized trading platform, offering perpetual contracts and other financial instruments. The platform is built on a proof-of-stake blockchain network using the Cosmos SDK and CometBFT for consensus Âč.$DYDX
*Key Stats:*
- _Market Capitalization_: $667 million Âč
- _Circulating Supply_: 636 million DYDX Âč
- _Total Supply_: 771 million DYDX Âč
*Token Utilities:*
- _Governance_: DYDX token holders can participate in governing the platform Âč ÂČ
- _Staking_: Holders can stake their tokens to validators to secure the network and earn rewards Âč ÂČ
- _Trading_: DYDX is used for trading perpetual contracts and other financial instruments on the platform Âł
*Token Migration:*
The ethDYDX token, which is the governance token for the dYdX Layer 2 protocol built on Ethereum, is currently undergoing migration to the dYdX Chain [