They did a good job distributing to users back in the day, but then the token fell for a very long time. Even when the market was growing, it didn't react much.

But I know a person who talks about interesting technologies at Dydx, and also that it is decentralized and the code is open. So I decided to write a review: let's see how good the project is.

This is a blockchain based on the Cosmos SDK for trading.

There is LinkedIn:

4 thousand followers.

Last post 1 day ago with 9 reactions and 1 repost.
Previous - 2 days ago with 11 reactions and 2 reposts.

There are vacancies.

Company people:

A total of 13 employees are listed. 9 of them have profiles.

Joshua Watts:

970 followers. Only shares other posts about Dydx.

Work experience:

• At dYdX Foundation: Operations from November 2021 to November 2022, Governance Lead from November 2022, Head of Governance and Strategic Initiatives from January 2024, COO (Executive Director) from June 2025

• Law Clerk - Private Investment Funds at Proskauer Rose LLP from November 2019 to March 2021

• Summer Associate at Proskauer Rose LLP from May to July 2018

• Venture Capital Associate at O'Leary Ventures from July 2017 to February 2018

• Legal Advocate at Community Legal Assistance Society in 2016

• Research Associate - The Mentally Ill Homeless Housing Project - at CAMH in 2015

• At The University of Winnipeg: Research Associate and Assistant Program Evaluator from 2013 to 2015, Researcher (Social Sciences and Humanities Research Council) from 2014 to 2015

• And another (total 11)

Education:

• University of Toronto - Rotman School of Management: Master of Business Administration - MBA, Business Administration and Management, General from 2016 to 2019

• University of Toronto: Doctor of Law - JD, Law from 2015 to 2019

• Universiteit van Amsterdam: International Law and Legal Studies, Exchange Program in 2018

• The University of Winnipeg: Honors Bachelor of Arts, Criminal Justice from 2010 to 2015

From the work experience, one cannot say that he is capable of being in the position of Executive Director, or even Head of the Department of Management and Strategic Initiatives. But he has been working at Dydx for a long time: apparently gained experience there.

Mackay Grant:

838 followers. In posts, he only shares content.

Work experience:

• Founder in Stealth Startup since March 2025

• Founder in Residence at The Residency since May 2024

• Grants at dYdX Foundation since September 2023. Previously worked as Analyst, Operations from April to September 2022

• At Blockchain Acceleration Foundation (BAF): Core Team from September 2022 to January 2024, Board of Advisors since January 2024

• At Suffolk University Blockchain: Vice President, Co-Founder from October 2021 to July 2022, President, Co-Founder since July 2022

• And other experience (total 14)

Education:

• Suffolk University: Bachelor of Business Administration - BBA, Management and Entrepreneurship from 2020 to 2024

• Hopkinton High School, New Hampshire: High School Diploma from January 2015 to June 2019

Here is a professional capable of working effectively in their position: led many places. Although the companies are not particularly well-known: it is unknown how well they distributed grants.

Charles d'Haussy:

25,686 followers. Also only shares content about Dydx.

Work experience:

• CEO at dYdX Foundation since September 2022

• Book Co-Author at Arabian Crypto since January 2025

• At ConsenSys: Director Strategic Initiatives from February 2019 to March 2021, Managing Director - APAC from March 2021 to April 2022, Global Head of Business Development from April to September 2022

• Co-Author, Block Kong at Block Kong, The Book from February 2019 to August 2022

• Appointed Member, Working Group on eCNY/CBDC Implementation at Financial Services Development Council from September 2020 to March 2021

• And other experience (total 13)

Education:

• Sun Yat-sen University: Chinese Mandarin, language from 2004 to 2005

• Rennes School of Business: Bachelor of Arts, International business 1997 - 2002

Great specialist: held leadership positions at Consensys. Therefore, also leads Dydx well.

Mega S.:

1441 followers. Last post 3 months ago with 1 reaction

Work experience:

• At dYdX Foundation: Governance Operations Manager from September 2023 to January 2024, Governance & Strategic Initiatives Manager from January 2024 to January 2025, Governance Lead from January 2025

• Research Analyst at Nansen from July 2022 to June 2023 (contract)

• Legal Counsel at Harbourfront Capital Management from October 2018 to June 2022 (contract)

• Data Analyst at TripleTen from July 2021 to March 2022 (professional training)

• Data Analyst at SUPERFLUID LABS from December 2021 to January 2022 (professional training)

• And other experience (total 11)

Education:

• Universitas Indonesia (UI): Bachelor of Laws (LL.B.), Energy, Environment, and Natural Resources Law from 2013 to 2017

• TripleTen: Data Analytics from July 2021 to March 2022

Extensive work experience, but more related to analytics and research. Great that he worked at Nansen. But I don't know how good this experience is for quality DAO management in Dydx.

Javier Sánchez Valiente:

1,528 followers.

Last post 2 months ago about DyDx with 28 reactions and 2 comments.
Previous one - also 2 months ago about Dydx with 61 reactions, 5 comments, and 3 reposts.

Work experience:

• At dYdX Foundation: Legal Counsel from July 2022 to December 2023, Head of Legal from January 2024

• Legal Advisor at Fence from January 2023 to March 2024 (part-time)

• Associate at Freshfields from September 2018 to July 2022

Education:

• Global Blockchain Initiative: GBI Blockchain Academy Spring 2022 Edition, Blockchain from January to March 2022

• Universidad Pontificia Comillas ICAI-ICADE: Double Degree, Law and Business Administration and Management (E-3) from September 2013 to May 2018

Good experience in the field related to the position at Dydx.

Alice Regan:

2,984 followers.

Last post 8 months ago about marketing with 4 reactions.

Work experience:

• KOL & Affiliate Marketing Manager at dYdX Foundation since March 2025

• KOL Lead at Flight3 from April 2024 to March 2025

• Chief Marketing Officer at Foxify from January 2023 to April 2024 (remote)

• Founding Partner & CMO at 3DGE from January 2022 to April 2024

• Web3 Marketing Consultant at MINT Social Media from August 2016 to March 2024

• And another experience (total 9)

Education:

• CIM | The Chartered Institute of Marketing: Foundation degree, Professional Digital Marketing from January 2023 to January 2024

• University of Northampton: Bachelor of Laws - LLB

Good experience, but I haven't heard much about the projects: is this such a good specialist in marketing?

Markus Spillmann - I'll skip. He is a member of the foundation's board. And he is also in other projects. From the well-known ones - Worldcoin foundation.

Winfred K. Mandela:

3,429 followers. Last post 1 day ago about Dydx with 1 reaction, 2 comments, and 1 repost.

Work experience:

• Marketing Lead at dYdX Foundation since July 2025

• Head of Business Development, Marketing and Governance at Stakecito Labs from January 2024 to July 2025

• Technology & Finance Media Contributor at Entrepreneur Media from July 2021 to July 2025

• Head of Marketing & Communications for Anoma and Namada at Heliax from June to December 2023

• Senior Growth Marketing Manager at EOS Network Foundation from May 2022 to May 2023

• And other experience (total 10)

Education:

• Carleton University: Economics

• University of Ottawa: Accounting

Extensive experience in leading marketing. From well-known companies - EOS Network Foundation, Zcash Foundation, Entrepreneur Media and validator Stakecito.

Julian La Picque:

21,770 followers. Last post not about Dydx 1 month ago with 154 reactions, 7 comments, and 2 reposts.
Previous - 5 months ago with 179 reactions and 6 comments.

Work experience:

• Group CFO at Chiliz since September 2022

• Group CFO at Socios.com since September 2022

• Board Member at dYdX Foundation since March 2025

• Advisory Board Member at Crowdgenix since April 2023

• Mentor at Tenity since August 2022

• And other experience (total 23).

Education:

• Swiss Board School: Diploma of Education from September 2023 to July 2024

• The London School of Economics and Political Science (LSE): Msc, Finance and Private Equity from 2010 to 2011

• HEC Lausanne - The Faculty of Business and Economics of the University of Lausanne: Bsc, Economics from 2006 to 2009

• Collège Madame de Stael (Geneva): Maturitat, Physics and Applied Mathematics from 2002 to 2006

Discord:

Good activity. My questions were answered correctly. Moreover, they even have a neural network that provided an automatic but useful answer.

Last announcement on July 21:

Only announcements in the Russian chat. The last one was today at 3 AM, before that - the day before yesterday:

X @dydx:

283.7K subscribers, 6,235 posts. Last post 11 hours ago with 24 replies, 14 reposts, 58 likes, and 3,276 views.
The previous one was published 14 hours ago; it received 47 replies, 20 reposts, 85 likes, and 7,533 views.

X analysis by Tweetscout:

Score 1773, level 4 (Significant).

Projects subscribed to them: @osf_rekt, @solana, @tier10k, @phantom, @moonpay, @coingecko, @DegenerateNews, @AxieInfinity and others.

Venture capital: @DavidSacks, Craft Ventures, @rleshner, Robot Ventures, @ljxie, Scalar Capital and others.

Analysis of X by Moni:

Moni Score
Level: 7. Peak
16143
+61/day
Mentions 8.01K, mentions by smart contracts - 921.

X @dydxfoundation:

This is a DAO account.

39.8K subscribers, 5,524 posts.
The last one was 7 hours ago about a new proposal with 4 replies, 3 reposts, 18 likes and 526 views.
The previous post about the market with a boost had 10 replies, 8 reposts, 61 likes and 734 views.

Analysis of X by Moni:

Moni Score
Level: 4. Established
3586
+22/day
1,96K mentions and 127 mentions by smarties.

Analysis of X by Tweetscout:

Bot level 3 (High). Score 742, level 3 (Credible).

Subscribed projects: @DefiantNews, DeFi Pulse, @zerion, @Bitstamp, @MilkRoadDaily, @BitteProtocol, @BlockchainAssn, @VeloraDEX, @maplefinance and others.

Venture capital: @ljxie, Scalar Capital, @Arthur_0x, DeFiance Capital, @VinnyLingham, Newtown Partners and others.

Youtube:

4.08K subscribers, 129 videos.

The last and penultimate video 1 month ago. The first got 103 views, and the second - 221.
Before that, there was a video 2 months ago with 361 views.

Reddit:

The community is also active: the last post was 20 hours ago.

Rating 5 out of 5: there are participants on LinkedIn and they have experience in their field (for the most part), social media is active and they answer questions correctly. Moreover, there is even an active Reddit community, which not every project has.

Sources:

Knowledge base:

Developer documentation:

Article about Dydx chain

dYdX Chain (version 4) is an independent blockchain built on the Cosmos SDK and using a Proof-of-Stake consensus algorithm. It is designed for decentralized trading of perpetual contracts.

Key features:

• Order book and order matching work off-chain, but the result is recorded in blocks

• All network components are open and can be launched by any participant

• Interfaces are provided by a web application and mobile apps for iOS and Android

• The network is independent of external blockchains but can interact with them via IBC and third-party solutions

Fees:

• For market orders (taker) - from 0.05% to 0.025% depending on the trading volume over 30 days

• For creating liquidity (maker) - from 0.01% to -0.011%. Partial fee refund is possible with high volume and activity

Funding:

• Used to peg the contract price to the price of the underlying asset

• When the contract price is higher than the fair price (according to the oracle data), traders in long positions (longs) pay those in short positions (shorts)

• When the price is below fair value, shorts pay longs

• Funding calculation occurs every hour, the rate depends on the market situation

Margin and liquidations:

• To open a position, collateral (USDC) must be provided

• If the capital falls below the minimum level, the position is closed forcibly

• In case of sharp price changes, if the position goes into negative, the protocol can automatically reduce other positions of the same user to cover the loss (deleveraging)

• Up to 1.5% of the remaining capital upon liquidation may be directed to the insurance fund

Additional risks:

• Slippage during high volatility

• Losses from funding when holding an unprofitable position

• Changing network parameters through community voting

MegaVault is a storage where users deposit USDC to provide liquidity and earn income

Income is generated from:

• Profits from trading strategies implemented within the vault

• Transaction fees on the exchange

• Funding payments and additional incentives

How it works:

• Deposits are distributed across separate vaults (subvaults) for different markets

• Income is distributed proportionally among all participants

• Withdrawals are possible at any time, but may be subject to slippage

Risks:

• Income is not guaranteed, losses are possible in case of unsuccessful trades within the vault

• Slippage and withdrawal delays may occur under unfavorable conditions

• Future withdrawal restrictions may apply (e.g., locks or minimum holding periods)

Order book:

• Stored in validators' RAM and not recorded on the blockchain until the trade is executed

• One validator is selected to assemble a block and includes executed trades in the block

• All validators synchronize after each block

• Average block creation speed is 1 block per second, ensuring fast order execution and high data update frequency

Indexer:

• Collects trading data and provides it via API and WebSocket

• Divides data into:

• on-chain - balances, trade history, funding, liquidations

• off-chain - active orders, order book states

• Provides real-time data access for interfaces and external services

dYdX supports interaction with other blockchains through the following mechanisms:

• IBC (Inter-Blockchain Communication) - a standard for transferring tokens between blockchains in the Cosmos ecosystem

• Skip - an external interface that allows users to conveniently transfer assets between dYdX Chain and other networks. Uses IBC and path routing

• IbcTransferHook and IbcForward contracts allow setting up routes and performing actions after transfer

With these solutions, users can deposit and withdraw assets (e.g., USDC) from dYdX Chain to other blockchains and back

For calculating funding, liquidations, and fair contract prices, dYdX uses external oracles, which provide reliable data on the market price of the underlying asset.

Features:

• Oracles supply median values from aggregated centralized exchanges

• Data is updated every second and synchronized across all validators

• Oracles are the only source of fair price (mark price) that affects funding and liquidations

The chain does not depend on user orders or prices within dYdX to determine the true value of an asset. This reduces manipulation risk and protects users from dishonest actions in the internal market.

Subaccounts:

• One user can open up to 128001 subaccounts

• Subaccounts allow isolating positions and managing risks

• Some subaccounts are intended for separate isolated positions

Rewards:

• For staking - validators and delegators receive, proportional to their contribution

• For trading - are credited automatically after each trade in the form of dYdX tokens

Management:

• All network parameters (commissions, funding, risks) are configured through community voting

• Participants can submit proposals, vote, and make changes

Unfortunately, there is no information about this.
According to the demand, it is indicated that Dydx is for active traders. Blockchain provides greater reliability than smart contracts, as they are decentralized.
But compared to the same Hyperliquid, the speed of 1 block per second is quite slow...

On the other hand, it is unlikely that an ordinary user will notice the difference between 0.1 seconds and 1 second. So the disadvantage is not critical.

DefiLlama:

TVL $314.08 MLN. Volume of swaps over 30 days - $6,785 MLRD!

In July, the project earned $1.39 MLN in commissions, and in June - $1.05 MLN.

In January, December, and November, they were higher than usual (2 and 3 MLN with something).

Rating 4 out of 5. All the details: there is information for both users and developers. Information about blockchain and how it works has been published.
But there is no information with analysis of competitors, demand, and market.

Initially, 1,000,000,000 $ethDYDX tokens (on Ethereum) were emitted on August 3, 2021 and are unlocked over 5 years. The distribution was as follows:

• 50% (500 million) - to the community:
  25% - trading rewards (Trading Rewards),
  7.5% - retroactive rewards to users (Retroactive Mining Rewards),
  7.5% - to liquidity providers (Liquidity Provider Rewards),
  5% - community treasury (Community Treasury),
  2.5% - USDC stakers (Liquidity Staking Pool),
  2.5% - DYDX stakers (Safety Staking Pool).

• 27.7% (277.3 million) - to dYdX Trading Inc. investors.

• 15.3% (152.7 million) - to dYdX Trading and dYdX Foundation founders, employees, consultants

• 7.0% (70 million) - to future employees and consultants of these organizations

Source: dYdX Governance Documentation – Allocations

My comment: a lot was allocated to the team and investors. To avoid dumping, it's better to give a maximum of 10% to investors and 10% to the team.
Although half was given to users - this is a significant part. It's good, although it depends on the distribution terms (if large shares were sent after launch - bad)

Token unlocking occurs in stages starting from the launch. The first liquidity wave began on September 8, 2021, 8 days after the end of the "zero epoch" (Epoch 0). Approximately 8.11% of the total token volume became liquid at this stage.

A vesting schedule was established for investors, employees, and advisors:

• 30% - after 18 months

• 40% - evenly from month 19 to 24

• 20% - from month 25 to 36

• 10% - from month 37 to 48

My comment:
The first unlock was large. 30% of 27.7% is 8.31% of all tokens. This is enough to significantly drop the price.
The second unlocks of 8% of the investor share are also too much, as this is 2.216%.
The third and subsequent ones are already fine, as they are distributed at 0.5% per month or less. This can already be bought back if there is demand.

In addition, trading and liquidity rewards are distributed in monthly cycles (epochs) over 5 years and are not subject to vesting or additional locks.
Comment: From the project development perspective, this is good, but combined with investor unlocks, it becomes significantly...

Data source: Introducing DYDX

And here is the vesting for Cryptorank:

It says here that only 64.8% is unlocked, but it should be noted that some data is not tracked, such as the "Community Treasury".

But overall, it's worth looking at. So we see that on August 1, 0.42% will be unlocked, in 10 days - 0.28%, on September 1 - 0.42%, and so on.

The total percentage for the month is 0.7%, which is generally okay.

I checked: there will be no spikes.

After the launch of the dYdX Chain in October 2023, the DYDX token (previously ethDYDX on Ethereum) became not just a governance token, but a full-fledged infrastructure element of a new independent level 1 network built on the Cosmos SDK.

1. Staking and security
   DYDX is used for delegating to validators who are responsible for block production and order book operation. Validators and delegators receive rewards in USDC - it comes from trading activity and gas fees, not from inflationary emissions. As of mid-2025:
   over 300 million DYDX is staked
   over 17,700 addresses participate
   over $52 million has been paid out in USDC

2. Governance
   DYDX remains a governance token. Holders can vote on protocol changes, including network parameters, asset listings, and strategic initiatives. Governance is fully on-chain, without intermediaries.

3. Capital and SubDAO
   DYDX gives the right to vote on capital allocation through SubDAOs:Treasury SubDAO - buybacks, staking, resilienceGrants SubDAO - funding the ecosystem and developersOperations SubDAO - analytics, infrastructure

DYDX has become not just a governance tool, but a coordination mechanism for the entire ecosystem.

Source: DYDX Token Utility Explained

Comment:
Buybacks are good, but I briefly looked and saw that there are not many of them.

According to Cryptorank, the project once received $85 million:

Investors: Andreessen Horowitz (a16z crypto), Polychain Capital, Paradigm, HashKey Capital, DragonFly Capital, Delphi Ventures, DeFiance Capital, CMS Holdings, Hashed Fund, CMT Digital and others.

Rating 3 out of 5: tokenomics and utility exist, but a lot was allocated to the team and investors (27.7% for investors and >22% for the team). The initial unlocks were large, which caused the price to drop to the current level, but now the unlocks are smaller (if there is demand, they can be bought back, especially since there are $DYDX buybacks). The investments are good and from well-known funds in the amount of about $85 million.

There are several repositories.

dydxprotocol:

As I understand it, this is the main account of the protocol. There are 60 repositories here, so I will consider the main ones.

dydxprotocol/v4-abacus:

General interface and mobile logic written in cross-platform Kotlin.

Last updated 3 weeks ago:

Total 886 commits:

July 4, 18, 17, 12, 10 and earlier.

dydxprotocol/v4-infrastructure:

As the name suggests - Dydx V4 infrastructure.

Last updated 4 days ago:

A total of 122 commits:

July 21, 3, 1, June 30, May 2, and earlier.

By the way, in dydxopsdao/v4-infrastructure the update was 2 months ago: maybe moved to the main, or maybe stable releases are here.

dydxprotocol/v4-documentation:

Dydx V4 Documentation.

Last updated 2 days ago:

A total of 280 commits:

July 23, 22, 17, 16, 14, 11, 9, 7, 4, 3, 2 and earlier.

dydxopsdao/v4-documentation was updated 3 months ago.

dydxprotocol/v4-clients:

Last updated 15 hours ago:

Total 278 commits:

July 24, 22, 21, 17, 16, 4, 2 and earlier.

dydxprotocol/v4-native-android:

As I understand it, this is the Android app code for trading through Dydx.

Last updated 2 days ago:

Total 306 commits:

July 23, 15, 14, 8, 7, 3 and earlier.

dydxopsdao/v4-native-android was updated 3 hours ago - apparently more frequent development is happening here.

dydxprotocol/v4-chain:

Blockchain PO.

Updated yesterday:

Total 1,832 commits:

July 23, 22, 17, 14, 13, 9, 8, 1 and earlier.

dydxprotocol/v4-web:

Dydx V4 web interface.

Last updated 12 hours ago:

Total of 1,596 commits:

July 24, 22, 21, 17, 16, 15, 14, 11, 9, 8, 1 and earlier.

dydxopsdao/v4-web was also updated 12 hours ago.

dydxprotocol/v4-native-ios:

Native IOS trading app.

Last update 2 days ago:

Total 175 commits:

22, 18, 17, 14, 7, 1 July, 19, 18, 16, 13, 10 June and earlier.

In the repository dydxopsdao/v4-native-ios the last update was yesterday.

The full list of repositories for the account dydxopsdao:

And now to the unique repos.

dydxopsdao/validator-snapshots:

S3 environment for creating node snapshots.

For some reason, the last update was last year (a long time ago):

Although if there are no snapshots in the repository itself, it's okay.

Only 3 commits:

All of them were on April 18, 2024.

dydxopsdao/rpc-monitoring:

Last update 3 weeks ago.

RPC checker.

Last updated 3 weeks ago:

Total of 26 commits:

July 7, May 5 and earlier.

Located here: dydxprotocol/v4-chain/tree/main/audits:

PDF files with audits.

It's bad that it's one company (Informal Systems), but it's great that they conduct periodic audits.

Rating 5 out of 5: updates are conducted, code is open. SDK is unfortunately not available, but there is an API.
There are also blockchain code audits by Informal Systems.

We will work with the web application https://dydx.trade:

"Connect wallet"

Great that they support EVM wallets - it's convenient.
Also a plus for supporting e-mail - it's convenient for new crypto users.

Choose, connect - result:

"Send request" and sign in the wallet. It's important that there are no 0x (only text).

Result:

They offer to top up. I click on USDC Ethereum:

And I choose USDC Base. Next, I enter the amount:

"Deposit funds". We change the balance to match the screenshot (according to the entered amount). It is not advisable to approve everything:

And we confirm approve, sign the permission, and confirm the transaction.

Done:

"Start trading":

A new list of markets has opened.

Under the banner logo, we can see the language selection button, an inactive mainnet button,
By clicking the "More" button under the menu, informational links will open.

About to add:

• First - downloading Dydx on the phone (Android and IOS)

• Second - help

• Third - notifications.

Perhaps you understand from the icons, but they are voiced to me as "Button", so I decided to write.

By clicking on the connected wallet, we see the Dydx address, EVM address, link to the address in the explorer and balance (28.76 $: > -1.24 $ commission), the ability to export the Seed phrase, connect the mobile app and download it, settings and disconnect:

And on the page itself, first the recently added markets, then "Largest participants in the process" by growth or decline, and all markets with the ability to search and filter.

For example, I am interested in DePIN:

We immediately see the maximum leverage, the price by the oracle, the change over 24 hours and the volume over the same time, the spot volume over 24 hours, market capitalization, number of transactions, open interest rate and financing per 1 hour.

Moved to the market:

Also, asset parameters and deposit/withdrawal.

We can choose: long or short.

I choose short:

Isolated margin selected: cross is not available.

Market order by default, but can be changed to limit:

Or click "Advanced" and select another order type:

Stop-limit or stop-market.

I'll start by creating a market order.

By clicking on TAO, I switch to USD:

Also, as you can see, I set a different credit leverage and added a stop order of -10%.

It's inconvenient that you can't choose a percentage of the amount or the whole thing - I entered it manually:

We see the parameters: the expected price, the liquidation price, margin and leverage, commission ($0.25) and the expected reward size.

If everything is satisfactory, click "Place Market Order".

Position created:

The first button in the last column of the table allows you to share:

The second one is for closing the position:

Let's see how much we get, what the commission and reward are. Other parameters are secondary, although it's worth checking them too.

If everything suits us and we want to close the position, click "Close position".

On the "Open Orders1" tab, we will see orders:

The only button is cancel.

And the "Executed Orders1" remain with history. I won't show them: the tables are standard.

By the way, you can view the markets by clicking on the current pair:

Here:

Here you can see a summary with a chart, balances, and positions.

Also, there are tabs: positions, orders, etc.

Let's move on to "Commissions":

There is also info about levels. I'm on the first level, and to reach the second level, you need a volume of 1 million $ over 30 days.

"Capital levels":

As far as I understand, if the balance is from 20 to 100 $, I can open a maximum of 10 orders. You should focus on your own amounts.

And "History":

By default, trades. Let's move on to transfers:

As you can see, everything is clear.

The next two are empty, so I won't show them.

It's great that we can export history and close positions on the overview tab.

We can withdraw funds by clicking the "Withdraw Funds" button:

I click on "Ethereum" and change the withdrawal network:

If everything is satisfactory (note that the commission is $0.04), click "Withdraw Funds":

In progress.

The page of the vault whose funds are traded. This storage is managed by Greave Cayman Limited. The operator was chosen by the dYdX community.

We see that the calculated interest rate is 15%, and TVL is $18,268,026 (not enough):

Next is a chart to assess profits or losses.

Further down is a list of assets (200 in total) and the ability to add/remove USDC.

Minimum amount is 5 USDC.

After closing a profitable position, the amount became $33.

But I will add 13:

We see how much will remain for the margin. And how much will go to storage.
If everything is good - "Review":

Check the box, agreeing to the terms. and "Confirm":

By going to "Withdraw Funds", we can withdraw:

My balance decreases by 1 cent, but over time it may be less or more.

"Review":

If you agree with the changes, "Confirm" and that's it.

On this page, you can get a referral link and view reward statistics:

I click "Get your partner link":

Here it is: dydx.trade?ref=CopperHook15J

Under statistics, you will see the leaderboard table.

I will be happy to register using my link.

Token page:

There are contest trader points (I have 0), a chart and history of rewards in the token and token section.
You can transfer it there and send it to staking.

"Place in staking":

We can choose a validator:

For example, Cosmostation5,00% commission, by clicking on it:

But my amount is not enough for a steak: the commission is more than the amount.
But I think the principle is clear.

Management is simply going to the Keplr wallet control panel to participate in proposals.

Rating 4 out of 5: everything is convenient and clear. There is even a mobile app and email authorization!
The downside is that I had to explore some buttons by trial and error (not described by text - only icons). I put a minus for this, as accessibility is also important.

21 out of 25:

• Team: 5 out of 5: there are participants on LinkedIn and they have experience in their field (mostly), social networks are active and answer questions correctly. Moreover: there is even an active Reddit community, which not every project has.

• Concept: 4 out of 5. Everything in detail: there is information for both users and developers. Information about the blockchain and how it is set up is published.
  But there is no information with analysis of competitors, demand and market.

• Coin: 3 out of 5: tokenomics and utility are present, but a lot was allocated to the team and investors (27.7% for investors and >22% for the team). The initial unlocks were large, which caused the price to drop to the current level, but now the unlocks are smaller (if there is demand, they can be bought back, especially since there are $DYDX buybacks). Investments are good and from well-known funds in the amount of about 85 million $.

• Code: 5 out of 5: updates are carried out, the code is open. There is no SDK, unfortunately, but there is an API.
  There are also blockchain code audits from Informal Systems.

• Practice: 4 out of 5: everything is convenient and clear. There is even a mobile app and email authorization!
  The downside is that I had to explore some buttons by trial and error (not described by text - only icons). I put a minus for this, as accessibility is also important.

Subscribe to https://t.me/blind_dev - there are new articles with reviews, tokenomics analysis, and news about my developments.

They did a good job distributing to users back in the day, but then the token fell for a very long time. Even when the market was growing, it didn't react much.

But I know a person who talks about interesting technologies at Dydx, and also that it is decentralized and the code is open. So I decided to write a review: let's see how good the project is.

This is a blockchain based on the Cosmos SDK for trading.

There is LinkedIn:

4 thousand followers.

Last post 1 day ago with 9 reactions and 1 repost.
Previous - 2 days ago with 11 reactions and 2 reposts.

There are vacancies.

Company people:

A total of 13 employees are listed. 9 of them have profiles.

Joshua Watts:

970 followers. Only shares other posts about Dydx.

Work experience:

• At dYdX Foundation: Operations from November 2021 to November 2022, Governance Lead from November 2022, Head of Governance and Strategic Initiatives from January 2024, COO (Executive Director) from June 2025

• Law Clerk - Private Investment Funds at Proskauer Rose LLP from November 2019 to March 2021

• Summer Associate at Proskauer Rose LLP from May to July 2018

• Venture Capital Associate at O'Leary Ventures from July 2017 to February 2018

• Legal Advocate at Community Legal Assistance Society in 2016

• Research Associate - The Mentally Ill Homeless Housing Project - at CAMH in 2015

• At The University of Winnipeg: Research Associate and Assistant Program Evaluator from 2013 to 2015, Researcher (Social Sciences and Humanities Research Council) from 2014 to 2015

• And another (total 11)

Education:

• University of Toronto - Rotman School of Management: Master of Business Administration - MBA, Business Administration and Management, General from 2016 to 2019

• University of Toronto: Doctor of Law - JD, Law from 2015 to 2019

• Universiteit van Amsterdam: International Law and Legal Studies, Exchange Program in 2018

• The University of Winnipeg: Honors Bachelor of Arts, Criminal Justice from 2010 to 2015

From the work experience, one cannot say that he is capable of being in the position of Executive Director, or even Head of the Department of Management and Strategic Initiatives. But he has been working at Dydx for a long time: apparently gained experience there.

Mackay Grant:

838 followers. In posts, he only shares content.

Work experience:

• Founder in Stealth Startup since March 2025

• Founder in Residence at The Residency since May 2024

• Grants at dYdX Foundation since September 2023. Previously worked as Analyst, Operations from April to September 2022

• At Blockchain Acceleration Foundation (BAF): Core Team from September 2022 to January 2024, Board of Advisors since January 2024

• At Suffolk University Blockchain: Vice President, Co-Founder from October 2021 to July 2022, President, Co-Founder since July 2022

• And other experience (total 14)

Education:

• Suffolk University: Bachelor of Business Administration - BBA, Management and Entrepreneurship from 2020 to 2024

• Hopkinton High School, New Hampshire: High School Diploma from January 2015 to June 2019

Here is a professional capable of working effectively in their position: led many places. Although the companies are not particularly well-known: it is unknown how well they distributed grants.

Charles d'Haussy:

25,686 followers. Also only shares content about Dydx.

Work experience:

• CEO at dYdX Foundation since September 2022

• Book Co-Author at Arabian Crypto since January 2025

• At ConsenSys: Director Strategic Initiatives from February 2019 to March 2021, Managing Director - APAC from March 2021 to April 2022, Global Head of Business Development from April to September 2022

• Co-Author, Block Kong at Block Kong, The Book from February 2019 to August 2022

• Appointed Member, Working Group on eCNY/CBDC Implementation at Financial Services Development Council from September 2020 to March 2021

• And other experience (total 13)

Education:

• Sun Yat-sen University: Chinese Mandarin, language from 2004 to 2005

• Rennes School of Business: Bachelor of Arts, International business 1997 - 2002

Great specialist: held leadership positions at Consensys. Therefore, also leads Dydx well.

Mega S.:

1441 followers. Last post 3 months ago with 1 reaction

Work experience:

• At dYdX Foundation: Governance Operations Manager from September 2023 to January 2024, Governance & Strategic Initiatives Manager from January 2024 to January 2025, Governance Lead from January 2025

• Research Analyst at Nansen from July 2022 to June 2023 (contract)

• Legal Counsel at Harbourfront Capital Management from October 2018 to June 2022 (contract)

• Data Analyst at TripleTen from July 2021 to March 2022 (professional training)

• Data Analyst at SUPERFLUID LABS from December 2021 to January 2022 (professional training)

• And other experience (total 11)

Education:

• Universitas Indonesia (UI): Bachelor of Laws (LL.B.), Energy, Environment, and Natural Resources Law from 2013 to 2017

• TripleTen: Data Analytics from July 2021 to March 2022

Extensive work experience, but more related to analytics and research. Great that he worked at Nansen. But I don't know how good this experience is for quality DAO management in Dydx.

Javier Sánchez Valiente:

1,528 followers.

Last post 2 months ago about DyDx with 28 reactions and 2 comments.
Previous one - also 2 months ago about Dydx with 61 reactions, 5 comments, and 3 reposts.

Work experience:

• At dYdX Foundation: Legal Counsel from July 2022 to December 2023, Head of Legal from January 2024

• Legal Advisor at Fence from January 2023 to March 2024 (part-time)

• Associate at Freshfields from September 2018 to July 2022

Education:

• Global Blockchain Initiative: GBI Blockchain Academy Spring 2022 Edition, Blockchain from January to March 2022

• Universidad Pontificia Comillas ICAI-ICADE: Double Degree, Law and Business Administration and Management (E-3) from September 2013 to May 2018

Good experience in the field related to the position at Dydx.

Alice Regan:

2,984 followers.

Last post 8 months ago about marketing with 4 reactions.

Work experience:

• KOL & Affiliate Marketing Manager at dYdX Foundation since March 2025

• KOL Lead at Flight3 from April 2024 to March 2025

• Chief Marketing Officer at Foxify from January 2023 to April 2024 (remote)

• Founding Partner & CMO at 3DGE from January 2022 to April 2024

• Web3 Marketing Consultant at MINT Social Media from August 2016 to March 2024

• And another experience (total 9)

Education:

• CIM | The Chartered Institute of Marketing: Foundation degree, Professional Digital Marketing from January 2023 to January 2024

• University of Northampton: Bachelor of Laws - LLB

Good experience, but I haven't heard much about the projects: is this such a good specialist in marketing?

Markus Spillmann - I'll skip. He is a member of the foundation's board. And he is also in other projects. From the well-known ones - Worldcoin foundation.

Winfred K. Mandela:

3,429 followers. Last post 1 day ago about Dydx with 1 reaction, 2 comments, and 1 repost.

Work experience:

• Marketing Lead at dYdX Foundation since July 2025

• Head of Business Development, Marketing and Governance at Stakecito Labs from January 2024 to July 2025

• Technology & Finance Media Contributor at Entrepreneur Media from July 2021 to July 2025

• Head of Marketing & Communications for Anoma and Namada at Heliax from June to December 2023

• Senior Growth Marketing Manager at EOS Network Foundation from May 2022 to May 2023

• And other experience (total 10)

Education:

• Carleton University: Economics

• University of Ottawa: Accounting

Extensive experience in leading marketing. From well-known companies - EOS Network Foundation, Zcash Foundation, Entrepreneur Media and validator Stakecito.

Julian La Picque:

21,770 followers. Last post not about Dydx 1 month ago with 154 reactions, 7 comments, and 2 reposts.
Previous - 5 months ago with 179 reactions and 6 comments.

Work experience:

• Group CFO at Chiliz since September 2022

• Group CFO at Socios.com since September 2022

• Board Member at dYdX Foundation since March 2025

• Advisory Board Member at Crowdgenix since April 2023

• Mentor at Tenity since August 2022

• And other experience (total 23).

Education:

• Swiss Board School: Diploma of Education from September 2023 to July 2024

• The London School of Economics and Political Science (LSE): Msc, Finance and Private Equity from 2010 to 2011

• HEC Lausanne - The Faculty of Business and Economics of the University of Lausanne: Bsc, Economics from 2006 to 2009

• Collège Madame de Stael (Geneva): Maturitat, Physics and Applied Mathematics from 2002 to 2006

Discord:

Good activity. My questions were answered correctly. Moreover, they even have a neural network that provided an automatic but useful answer.

Last announcement on July 21:

Only announcements in the Russian chat. The last one was today at 3 AM, before that - the day before yesterday:

X @dydx:

283.7K subscribers, 6,235 posts. Last post 11 hours ago with 24 replies, 14 reposts, 58 likes, and 3,276 views.
The previous one was published 14 hours ago; it received 47 replies, 20 reposts, 85 likes, and 7,533 views.

X analysis by Tweetscout:

Score 1773, level 4 (Significant).

Projects subscribed to them: @osf_rekt, @solana, @tier10k, @phantom, @moonpay, @coingecko, @DegenerateNews, @AxieInfinity and others.

Venture capital: @DavidSacks, Craft Ventures, @rleshner, Robot Ventures, @ljxie, Scalar Capital and others.

Analysis of X by Moni:

Moni Score
Level: 7. Peak
16143
+61/day
Mentions 8.01K, mentions by smart contracts - 921.

X @dydxfoundation:

This is a DAO account.

39.8K subscribers, 5,524 posts.
The last one was 7 hours ago about a new proposal with 4 replies, 3 reposts, 18 likes and 526 views.
The previous post about the market with a boost had 10 replies, 8 reposts, 61 likes and 734 views.

Analysis of X by Moni:

Moni Score
Level: 4. Established
3586
+22/day
1,96K mentions and 127 mentions by smarties.

Analysis of X by Tweetscout:

Bot level 3 (High). Score 742, level 3 (Credible).

Subscribed projects: @DefiantNews, DeFi Pulse, @zerion, @Bitstamp, @MilkRoadDaily, @BitteProtocol, @BlockchainAssn, @VeloraDEX, @maplefinance and others.

Venture capital: @ljxie, Scalar Capital, @Arthur_0x, DeFiance Capital, @VinnyLingham, Newtown Partners and others.

Youtube:

4.08K subscribers, 129 videos.

The last and penultimate video 1 month ago. The first got 103 views, and the second - 221.
Before that, there was a video 2 months ago with 361 views.

Reddit:

The community is also active: the last post was 20 hours ago.

Rating 5 out of 5: there are participants on LinkedIn and they have experience in their field (for the most part), social media is active and they answer questions correctly. Moreover, there is even an active Reddit community, which not every project has.

Sources:

Knowledge base:

Developer documentation:

Article about Dydx chain

dYdX Chain (version 4) is an independent blockchain built on the Cosmos SDK and using a Proof-of-Stake consensus algorithm. It is designed for decentralized trading of perpetual contracts.

Key features:

• Order book and order matching work off-chain, but the result is recorded in blocks

• All network components are open and can be launched by any participant

• Interfaces are provided by a web application and mobile apps for iOS and Android

• The network is independent of external blockchains but can interact with them via IBC and third-party solutions

Fees:

• For market orders (taker) - from 0.05% to 0.025% depending on the trading volume over 30 days

• For creating liquidity (maker) - from 0.01% to -0.011%. Partial fee refund is possible with high volume and activity

Funding:

• Used to peg the contract price to the price of the underlying asset

• When the contract price is higher than the fair price (according to the oracle data), traders in long positions (longs) pay those in short positions (shorts)

• When the price is below fair value, shorts pay longs

• Funding calculation occurs every hour, the rate depends on the market situation

Margin and liquidations:

• To open a position, collateral (USDC) must be provided

• If the capital falls below the minimum level, the position is closed forcibly

• In case of sharp price changes, if the position goes into negative, the protocol can automatically reduce other positions of the same user to cover the loss (deleveraging)

• Up to 1.5% of the remaining capital upon liquidation may be directed to the insurance fund

Additional risks:

• Slippage during high volatility

• Losses from funding when holding an unprofitable position

• Changing network parameters through community voting

MegaVault is a storage where users deposit USDC to provide liquidity and earn income

Income is generated from:

• Profits from trading strategies implemented within the vault

• Transaction fees on the exchange

• Funding payments and additional incentives

How it works:

• Deposits are distributed across separate vaults (subvaults) for different markets

• Income is distributed proportionally among all participants

• Withdrawals are possible at any time, but may be subject to slippage

Risks:

• Income is not guaranteed, losses are possible in case of unsuccessful trades within the vault

• Slippage and withdrawal delays may occur under unfavorable conditions

• Future withdrawal restrictions may apply (e.g., locks or minimum holding periods)

Order book:

• Stored in validators' RAM and not recorded on the blockchain until the trade is executed

• One validator is selected to assemble a block and includes executed trades in the block

• All validators synchronize after each block

• Average block creation speed is 1 block per second, ensuring fast order execution and high data update frequency

Indexer:

• Collects trading data and provides it via API and WebSocket

• Divides data into:

• on-chain - balances, trade history, funding, liquidations

• off-chain - active orders, order book states

• Provides real-time data access for interfaces and external services

dYdX supports interaction with other blockchains through the following mechanisms:

• IBC (Inter-Blockchain Communication) - a standard for transferring tokens between blockchains in the Cosmos ecosystem

• Skip - an external interface that allows users to conveniently transfer assets between dYdX Chain and other networks. Uses IBC and path routing

• IbcTransferHook and IbcForward contracts allow setting up routes and performing actions after transfer

With these solutions, users can deposit and withdraw assets (e.g., USDC) from dYdX Chain to other blockchains and back

For calculating funding, liquidations, and fair contract prices, dYdX uses external oracles, which provide reliable data on the market price of the underlying asset.

Features:

• Oracles supply median values from aggregated centralized exchanges

• Data is updated every second and synchronized across all validators

• Oracles are the only source of fair price (mark price) that affects funding and liquidations

The chain does not depend on user orders or prices within dYdX to determine the true value of an asset. This reduces manipulation risk and protects users from dishonest actions in the internal market.

Subaccounts:

• One user can open up to 128001 subaccounts

• Subaccounts allow isolating positions and managing risks

• Some subaccounts are intended for separate isolated positions

Rewards:

• For staking - validators and delegators receive, proportional to their contribution

• For trading - are credited automatically after each trade in the form of dYdX tokens

Management:

• All network parameters (commissions, funding, risks) are configured through community voting

• Participants can submit proposals, vote, and make changes

Unfortunately, there is no information about this.
According to the demand, it is indicated that Dydx is for active traders. Blockchain provides greater reliability than smart contracts, as they are decentralized.
But compared to the same Hyperliquid, the speed of 1 block per second is quite slow...

On the other hand, it is unlikely that an ordinary user will notice the difference between 0.1 seconds and 1 second. So the disadvantage is not critical.

DefiLlama:

TVL $314.08 MLN. Volume of swaps over 30 days - $6,785 MLRD!

In July, the project earned $1.39 MLN in commissions, and in June - $1.05 MLN.

In January, December, and November, they were higher than usual (2 and 3 MLN with something).

Rating 4 out of 5. All the details: there is information for both users and developers. Information about blockchain and how it works has been published.
But there is no information with analysis of competitors, demand, and market.

Initially, 1,000,000,000 $ethDYDX tokens (on Ethereum) were emitted on August 3, 2021 and are unlocked over 5 years. The distribution was as follows:

• 50% (500 million) - to the community:
  25% - trading rewards (Trading Rewards),
  7.5% - retroactive rewards to users (Retroactive Mining Rewards),
  7.5% - to liquidity providers (Liquidity Provider Rewards),
  5% - community treasury (Community Treasury),
  2.5% - USDC stakers (Liquidity Staking Pool),
  2.5% - DYDX stakers (Safety Staking Pool).

• 27.7% (277.3 million) - to dYdX Trading Inc. investors.

• 15.3% (152.7 million) - to dYdX Trading and dYdX Foundation founders, employees, consultants

• 7.0% (70 million) - to future employees and consultants of these organizations

Source: dYdX Governance Documentation – Allocations

My comment: a lot was allocated to the team and investors. To avoid dumping, it's better to give a maximum of 10% to investors and 10% to the team.
Although half was given to users - this is a significant part. It's good, although it depends on the distribution terms (if large shares were sent after launch - bad)

Token unlocking occurs in stages starting from the launch. The first liquidity wave began on September 8, 2021, 8 days after the end of the "zero epoch" (Epoch 0). Approximately 8.11% of the total token volume became liquid at this stage.

A vesting schedule was established for investors, employees, and advisors:

• 30% - after 18 months

• 40% - evenly from month 19 to 24

• 20% - from month 25 to 36

• 10% - from month 37 to 48

My comment:
The first unlock was large. 30% of 27.7% is 8.31% of all tokens. This is enough to significantly drop the price.
The second unlocks of 8% of the investor share are also too much, as this is 2.216%.
The third and subsequent ones are already fine, as they are distributed at 0.5% per month or less. This can already be bought back if there is demand.

In addition, trading and liquidity rewards are distributed in monthly cycles (epochs) over 5 years and are not subject to vesting or additional locks.
Comment: From the project development perspective, this is good, but combined with investor unlocks, it becomes significantly...

Data source: Introducing DYDX

And here is the vesting for Cryptorank:

It says here that only 64.8% is unlocked, but it should be noted that some data is not tracked, such as the "Community Treasury".

But overall, it's worth looking at. So we see that on August 1, 0.42% will be unlocked, in 10 days - 0.28%, on September 1 - 0.42%, and so on.

The total percentage for the month is 0.7%, which is generally okay.

I checked: there will be no spikes.

After the launch of the dYdX Chain in October 2023, the DYDX token (previously ethDYDX on Ethereum) became not just a governance token, but a full-fledged infrastructure element of a new independent level 1 network built on the Cosmos SDK.

1. Staking and security
   DYDX is used for delegating to validators who are responsible for block production and order book operation. Validators and delegators receive rewards in USDC - it comes from trading activity and gas fees, not from inflationary emissions. As of mid-2025:
   over 300 million DYDX is staked
   over 17,700 addresses participate
   over $52 million has been paid out in USDC

2. Governance
   DYDX remains a governance token. Holders can vote on protocol changes, including network parameters, asset listings, and strategic initiatives. Governance is fully on-chain, without intermediaries.

3. Capital and SubDAO
   DYDX gives the right to vote on capital allocation through SubDAOs:Treasury SubDAO - buybacks, staking, resilienceGrants SubDAO - funding the ecosystem and developersOperations SubDAO - analytics, infrastructure

DYDX has become not just a governance tool, but a coordination mechanism for the entire ecosystem.

Source: DYDX Token Utility Explained

Comment:
Buybacks are good, but I briefly looked and saw that there are not many of them.

According to Cryptorank, the project once received $85 million:

Investors: Andreessen Horowitz (a16z crypto), Polychain Capital, Paradigm, HashKey Capital, DragonFly Capital, Delphi Ventures, DeFiance Capital, CMS Holdings, Hashed Fund, CMT Digital and others.

Rating 3 out of 5: tokenomics and utility exist, but a lot was allocated to the team and investors (27.7% for investors and >22% for the team). The initial unlocks were large, which caused the price to drop to the current level, but now the unlocks are smaller (if there is demand, they can be bought back, especially since there are $DYDX buybacks). The investments are good and from well-known funds in the amount of about $85 million.

There are several repositories.

dydxprotocol:

As I understand it, this is the main account of the protocol. There are 60 repositories here, so I will consider the main ones.

dydxprotocol/v4-abacus:

General interface and mobile logic written in cross-platform Kotlin.

Last updated 3 weeks ago:

Total 886 commits:

July 4, 18, 17, 12, 10 and earlier.

dydxprotocol/v4-infrastructure:

As the name suggests - Dydx V4 infrastructure.

Last updated 4 days ago:

A total of 122 commits:

July 21, 3, 1, June 30, May 2, and earlier.

By the way, in dydxopsdao/v4-infrastructure the update was 2 months ago: maybe moved to the main, or maybe stable releases are here.

dydxprotocol/v4-documentation:

Dydx V4 Documentation.

Last updated 2 days ago:

A total of 280 commits:

July 23, 22, 17, 16, 14, 11, 9, 7, 4, 3, 2 and earlier.

dydxopsdao/v4-documentation was updated 3 months ago.

dydxprotocol/v4-clients:

Last updated 15 hours ago:

Total 278 commits:

July 24, 22, 21, 17, 16, 4, 2 and earlier.

dydxprotocol/v4-native-android:

As I understand it, this is the Android app code for trading through Dydx.

Last updated 2 days ago:

Total 306 commits:

July 23, 15, 14, 8, 7, 3 and earlier.

dydxopsdao/v4-native-android was updated 3 hours ago - apparently more frequent development is happening here.

dydxprotocol/v4-chain:

Blockchain PO.

Updated yesterday:

Total 1,832 commits:

July 23, 22, 17, 14, 13, 9, 8, 1 and earlier.

dydxprotocol/v4-web:

Dydx V4 web interface.

Last updated 12 hours ago:

Total of 1,596 commits:

July 24, 22, 21, 17, 16, 15, 14, 11, 9, 8, 1 and earlier.

dydxopsdao/v4-web was also updated 12 hours ago.

dydxprotocol/v4-native-ios:

Native IOS trading app.

Last update 2 days ago:

Total 175 commits:

22, 18, 17, 14, 7, 1 July, 19, 18, 16, 13, 10 June and earlier.

In the repository dydxopsdao/v4-native-ios the last update was yesterday.

The full list of repositories for the account dydxopsdao:

And now to the unique repos.

dydxopsdao/validator-snapshots:

S3 environment for creating node snapshots.

For some reason, the last update was last year (a long time ago):

Although if there are no snapshots in the repository itself, it's okay.

Only 3 commits:

All of them were on April 18, 2024.

dydxopsdao/rpc-monitoring:

Last update 3 weeks ago.

RPC checker.

Last updated 3 weeks ago:

Total of 26 commits:

July 7, May 5 and earlier.

Located here: dydxprotocol/v4-chain/tree/main/audits:

PDF files with audits.

It's bad that it's one company (Informal Systems), but it's great that they conduct periodic audits.

Rating 5 out of 5: updates are conducted, code is open. SDK is unfortunately not available, but there is an API.
There are also blockchain code audits by Informal Systems.

We will work with the web application https://dydx.trade:

"Connect wallet"

Great that they support EVM wallets - it's convenient.
Also a plus for supporting e-mail - it's convenient for new crypto users.

Choose, connect - result:

"Send request" and sign in the wallet. It's important that there are no 0x (only text).

Result:

They offer to top up. I click on USDC Ethereum:

And I choose USDC Base. Next, I enter the amount:

"Deposit funds". We change the balance to match the screenshot (according to the entered amount). It is not advisable to approve everything:

And we confirm approve, sign the permission, and confirm the transaction.

Done:

"Start trading":

A new list of markets has opened.

Under the banner logo, we can see the language selection button, an inactive mainnet button,
By clicking the "More" button under the menu, informational links will open.

About to add:

• First - downloading Dydx on the phone (Android and IOS)

• Second - help

• Third - notifications.

Perhaps you understand from the icons, but they are voiced to me as "Button", so I decided to write.

By clicking on the connected wallet, we see the Dydx address, EVM address, link to the address in the explorer and balance (28.76 $: > -1.24 $ commission), the ability to export the Seed phrase, connect the mobile app and download it, settings and disconnect:

And on the page itself, first the recently added markets, then "Largest participants in the process" by growth or decline, and all markets with the ability to search and filter.

For example, I am interested in DePIN:

We immediately see the maximum leverage, the price by the oracle, the change over 24 hours and the volume over the same time, the spot volume over 24 hours, market capitalization, number of transactions, open interest rate and financing per 1 hour.

Moved to the market:

Also, asset parameters and deposit/withdrawal.

We can choose: long or short.

I choose short:

Isolated margin selected: cross is not available.

Market order by default, but can be changed to limit:

Or click "Advanced" and select another order type:

Stop-limit or stop-market.

I'll start by creating a market order.

By clicking on TAO, I switch to USD:

Also, as you can see, I set a different credit leverage and added a stop order of -10%.

It's inconvenient that you can't choose a percentage of the amount or the whole thing - I entered it manually:

We see the parameters: the expected price, the liquidation price, margin and leverage, commission ($0.25) and the expected reward size.

If everything is satisfactory, click "Place Market Order".

Position created:

The first button in the last column of the table allows you to share:

The second one is for closing the position:

Let's see how much we get, what the commission and reward are. Other parameters are secondary, although it's worth checking them too.

If everything suits us and we want to close the position, click "Close position".

On the "Open Orders1" tab, we will see orders:

The only button is cancel.

And the "Executed Orders1" remain with history. I won't show them: the tables are standard.

By the way, you can view the markets by clicking on the current pair:

Here:

Here you can see a summary with a chart, balances, and positions.

Also, there are tabs: positions, orders, etc.

Let's move on to "Commissions":

There is also info about levels. I'm on the first level, and to reach the second level, you need a volume of 1 million $ over 30 days.

"Capital levels":

As far as I understand, if the balance is from 20 to 100 $, I can open a maximum of 10 orders. You should focus on your own amounts.

And "History":

By default, trades. Let's move on to transfers:

As you can see, everything is clear.

The next two are empty, so I won't show them.

It's great that we can export history and close positions on the overview tab.

We can withdraw funds by clicking the "Withdraw Funds" button:

I click on "Ethereum" and change the withdrawal network:

If everything is satisfactory (note that the commission is $0.04), click "Withdraw Funds":

In progress.

The page of the vault whose funds are traded. This storage is managed by Greave Cayman Limited. The operator was chosen by the dYdX community.

We see that the calculated interest rate is 15%, and TVL is $18,268,026 (not enough):

Next is a chart to assess profits or losses.

Further down is a list of assets (200 in total) and the ability to add/remove USDC.

Minimum amount is 5 USDC.

After closing a profitable position, the amount became $33.

But I will add 13:

We see how much will remain for the margin. And how much will go to storage.
If everything is good - "Review":

Check the box, agreeing to the terms. and "Confirm":

By going to "Withdraw Funds", we can withdraw:

My balance decreases by 1 cent, but over time it may be less or more.

"Review":

If you agree with the changes, "Confirm" and that's it.

On this page, you can get a referral link and view reward statistics:

I click "Get your partner link":

Here it is: dydx.trade?ref=CopperHook15J

Under statistics, you will see the leaderboard table.

I will be happy to register using my link.

Token page:

There are contest trader points (I have 0), a chart and history of rewards in the token and token section.
You can transfer it there and send it to staking.

"Place in staking":

We can choose a validator:

For example, Cosmostation5,00% commission, by clicking on it:

But my amount is not enough for a steak: the commission is more than the amount.
But I think the principle is clear.

Management is simply going to the Keplr wallet control panel to participate in proposals.

Rating 4 out of 5: everything is convenient and clear. There is even a mobile app and email authorization!
The downside is that I had to explore some buttons by trial and error (not described by text - only icons). I put a minus for this, as accessibility is also important.

21 out of 25:

• Team: 5 out of 5: there are participants on LinkedIn and they have experience in their field (mostly), social networks are active and answer questions correctly. Moreover: there is even an active Reddit community, which not every project has.

• Concept: 4 out of 5. Everything in detail: there is information for both users and developers. Information about the blockchain and how it is set up is published.
  But there is no information with analysis of competitors, demand and market.

• Coin: 3 out of 5: tokenomics and utility are present, but a lot was allocated to the team and investors (27.7% for investors and >22% for the team). The initial unlocks were large, which caused the price to drop to the current level, but now the unlocks are smaller (if there is demand, they can be bought back, especially since there are $DYDX buybacks). Investments are good and from well-known funds in the amount of about 85 million $.

• Code: 5 out of 5: updates are carried out, the code is open. There is no SDK, unfortunately, but there is an API.
  There are also blockchain code audits from Informal Systems.

• Practice: 4 out of 5: everything is convenient and clear. There is even a mobile app and email authorization!
  The downside is that I had to explore some buttons by trial and error (not described by text - only icons). I put a minus for this, as accessibility is also important.

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