Rather than being a simple application-type DEX, dYdX is a trading protocol that operates on dYdX Chain, its own L1 optimized for derivatives trading. The official website emphasizes more than 220 markets, cumulative trading volume of over 1.5 trillion USD, MegaVault TVL, etc., but real-time TVL and trading volume are different from external data such as DeFiLlama, so “marketing indicators” and “current on-chain/index indicators” must be interpreted separately. (dYdX) DYDX: L1 token of dYdX Chain. (dYdX) Validator: The validator stores orders in the in-memory order book, propagates transactions, and proposes and produces blocks. On-chain state is expressed in terms of...
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Report Type
Crypto Economy Analysis
Version
v1
Analysis Date
June 21, 2026
Language
en
Disclaimer: This report is generated through AI-powered analysis and market data. This is not investment advice. All investment decisions should be made at your own risk.