### What is dYdX?

dYdX is a decentralised exchange (DEX) that offers advanced trading features, such as perpetual futures trading, margin trading, and lending services. It's powered by smart contracts on the Ethereum blockchain, and there are plans to migrate to its own dYdX Chain network.

### How does dYdX work?

dYdX operates on the Ethereum network, utilising smart contracts to enable decentralised and permissionless trading. The platform is transitioning to its own blockchain, known as the dYdX Chain, designed for enhanced decentralisation and scalability. It utilises a Proof of Stake (PoS) consensus mechanism, where validators leverage a weighted-round-robin approach to produce new blocks.

### What are the potential use cases for dYdX?

dYdX serves various use cases within the cryptocurrency and decentralised finance (DeFi) sectors. It offers sophisticated tools for professional trading, such as leveraged positions and margin trading, while supporting the broader DeFi ecosystem with lending and borrowing services. It also broaden crypto markets with support for over 143 trading pairs.

### What is the history of dYdX?

Founded by Antonio Juliano in 2017, dYdX began as a decentralised exchange offering margin trading, lending, and borrowing over Ethereum. Significant milestones include a $65 million Series C fundraising round in 2021 and the launch of the dYdX Chain in 2023. Over the years, it has evolved technologically and established a strong market presence, becoming a key player in on-chain perpetual futures trading.

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