Draft:dYdX (company)
Submission declined on 24 December 2023 by DoubleGrazing (talk).
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|  |
| Industry | Blockchain and cryptocurrency |
|---|---|
| Founded | 2017 |
| Founder | Antonio Juliano |
| Headquarters | |
| Website | https://dydx.exchange/ |
dYdX is a decentralized cryptocurrency exchange.
History
[edit]dYdX was founded in 2017 by Antonia Juliano, an entrepreneur and software developer who graduated from Princeton University. Juliano worked with Coinbase before launching dYdX in San Francisco.[1] The company is backed by Andreessen Horowitz, StarkWare, Polychain Capital and Paradigm among others with a total funding of $87 million.[2][3][4]
In 2021, dYdX integrated a blockchain technology known as StarkWare, which boosted the efficiency of cryptocurrency transactions conducted through Ethereum.[1]
In August 2021, dYdX introduced the dYdX Foundation, an independent foundation to support dYdX's layer 2 protocol growth as well as to be responsible for the issuance of the $DYDX token. Charles d'Haussy is the CEO of the dYdX Foundation.[5]
Overview
[edit]dYdX operates as a decentralized protocol that is governed by the $DYDX token.[1] dYdX is available to individuals and entities worldwide, as it is built on a decentralized infrastructure and operated on the Ethereum blockchain.[5]
In September 2021, dYdX recorded $18.6 billion in transactions, surpassing American crypto company Coinbase, which recorded $5.9 billion during the same period. The company’s total revenue was $75 million in 2021.[1]
Previously, dYdX operated on Layer2 Ethereum. In April 2023, dYdX launched a private testnet for the new v4 iteration of the protocol and migrated from its Ethereum-based construction platform to a network on Cosmos in July 2023.[6] The proprietary blockchain on Cosmos allows control of a fully customizable tech stack and avoids dependency on the speed and trade-offs of Ethereum's infrastructure.[7][5]
References
[edit]- ^ a b c d Staff (19 October 2021). "How A 19-Person Cryptocurrency Startup Surpassed Coinbase In Daily Trading Volume". Forbes Africa.
- ^ Melinek, Jacquelyn (15 June 2021). "Paradigm Leads $65M Round for Decentralized Exchange dYdX". Blockworks.
- ^ Ludlow, Ed (1 December 2022). "Crypto Report: dYdX CEO on FTX's Impact". Bloomberg News.
- ^ Light, Joe (April 11, 2023). "Bitcoin and Crypto Aren't as Dead as You Think, VC Firm Says". Barrons.
- ^ a b c Cite error: The named reference
SamCoindeskwas invoked but never defined (see the help page). - ^ Merchant, Murtuza (July 5, 2023). "dYdX Launches Public Testnet On Cosmos In Major Shift From Ethereum". Benzinga.
- ^ Cite error: The named reference
MuyaoBloombergwas invoked but never defined (see the help page).
External links
[edit]DYdX at Crunchbase
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