dYdX

dydx

Rank #276•Decentralized Exchange (DEX), Smart Contract Platform, Exchange-based Tokens

CoinYQ Dossier

One ticker crossed chains, but the bridge did not stay open

The v3-to-Chain move changed who matches orders and what DYDX does. It also left three similarly named assets, ended new bridge recognition and replaced the old all-fees-to-stakers story with a governance-controlled revenue map.

v4 moved the matching engine into validator memory

v3 settled perpetual trades through Ethereum contracts while an operator ran the orderbook and matcher. v4 chose a dedicated Cosmos chain: short-term orders travel through validator memory, a proposer selects matches and consensus commits fills.

That does not place every pending order in permanent state. Node books can differ, and official slashing documentation identifies censorship, reordering and MEV without a protocol-level remedy. Anyone may run the open-source indexer or front end, while each hosted deployment retains access control.

The 1:1 bridge created a second DYDX, then lost Chain support

The August 3, 2021 ERC-20 is ethDYDX in migration documents. The autonomous contract locked it permanently, minted wethDYDX on Ethereum and emitted an event from which validators credited native Chain DYDX 1:1.

Governance later closed the receiving side. Since June 13, 2025 the contract can still lock tokens, but its new events no longer earn Chain DYDX. A matching ticker is therefore not proof of the same chain or a redemption route.

The billion-token allocation reserved 27.7% for past investors, 15.3% for founders, employees, advisers and consultants, and 7% for future employees and consultants. Published transfer restrictions reached their last installment on June 1, 2026; individual employment vesting can still differ.

Staking connects consensus, votes and one slice of revenue

Native DYDX pays gas, selects a top-31 active validator set and takes 21 days to unbond. Staked balances vote 1:1; absent a direct vote, delegators inherit the validator vote. Passed proposals alter parameters, community spending and node upgrades.

Revenue is a current configuration, not a permanent dividend. The November 13, 2025 vote routed 75% to buybacks, 5% each to Treasury SubDAO and MegaVault, and 15% to distribution. Only that slice reaches validators and delegators subject to stake and commission. Liquid DYDX alone gives no fee, operator, equity or redemption claim.

How the project changed

2021-08-03
Ethereum DYDX is minted
One billion ERC-20 tokens begin the v3 allocation era.
2023-09-24
Governance adopts DYDX for the Chain
The community approves the Chain token and migration design.
2023-10-26
Validators create the first Chain block
v4 becomes an independent Cosmos-based network.
2025-06-13
New bridge events lose Chain recognition
The Ethereum contract remains, but validators stop native credits.
2025-11-13
Governance redraws revenue routing
Buyback receives 75%, the two named programs 5% each, and distribution 15%.
2026-06-01
Published transfer restrictions reach their last installment
The amended schedule ends; individual employment vesting remains separate.

Evidence and primary sources

Last evidence review: 2026-09-05

What is dYdX?

dYdX Chain is a Cosmos SDK and CometBFT proof-of-stake network for perpetual markets. Validators keep an in-memory orderbook, propose matches and commit fills in consensus; indexers and front ends are separate open-source layers. Native DYDX pays gas, can be bonded to validators and supplies voting weight while staked.

The ticker hides a migration boundary. The 2021 Ethereum ERC-20 is ethDYDX and governed v3. Native Chain DYDX is a custom L1 asset. The former bridge permanently locked ethDYDX and credited Chain DYDX 1:1, but validators stopped recognizing new events on June 13, 2025.

What problem does dYdX solve?

v3 put non-custodial settlement on Ethereum while its orderbook and matcher remained operator-run. v4 moved market state, order propagation and matching into a purpose-built chain so validators participate in execution.

The move did not unify every layer or right. A hosted front end controls its own access, validators can censor or reorder pending orders, and a holder participates in protocol revenue only by staking and only within the share governance routes to distribution.

How does dYdX work?

Short-term orders circulate through validator memory and a block producer proposes matches; stateful orders may be recorded onchain. Consensus checks fills, balances, funding and liquidations. Oracles and market parameters remain protocol dependencies, while indexers serve history outside consensus.

The documented active set is capped at 31 and unbonding lasts 21 days. Staked DYDX votes directly; a nonvoting delegator inherits its validator's choice. Governance changes parameters, spends community funds and schedules software upgrades.

The November 13, 2025 configuration sends 75% of net revenue to buybacks, 5% to Treasury SubDAO, 5% to MegaVault and 15% to distribution. Stake weight and validator commission shape the amount a delegator can claim.

Key facts

The first dYdX Chain block was created on 2023-10-26.
Ethereum ethDYDX, Ethereum wethDYDX and native dYdX Chain DYDX are distinct assets.
The bridge permanently locked ethDYDX and formerly credited native DYDX 1:1.
Validators stopped recognizing new bridge interactions on 2025-06-13.
1,000,000,000 DYDX were minted on 2021-08-03; the published restriction schedule ended 2026-06-01.
The documented active-set cap is 31 and unbonding lasts 21 days.
Only staked DYDX supplies direct Chain voting weight; a silent delegator inherits the validator vote.
Current net-revenue routing is 75% buyback, 5% Treasury SubDAO, 5% MegaVault and 15% distribution.

Official links

Official website Whitepaper Block explorer X / Twitter Reddit GitHub

Related coins

Frequently asked questions

Can ethDYDX still be migrated?

Not through the former bridge. Since June 13, 2025 validators no longer recognize its events; a deposit can lock ethDYDX without native DYDX.

Is every order stored onchain?

No. Short-term orders live in validator memory; accepted matches and resulting state changes are committed by consensus. Stateful orders may be onchain.

Do all holders receive trading fees?

No. Only 15% of current net revenue enters distribution, and participation there requires staking and remains subject to validator commission.

What can staked DYDX govern?

Chain parameters, community spending and software upgrades. A delegator who does not vote inherits the validator vote.

Is DYDX equity in dYdX Trading or the Foundation?

No such right is established by the reviewed sources. They establish gas, staking and governance, not equity or redemption.

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