dYdX is a permissionless perpetual futures trading exchange. The current offering, referred to as dYdX , is built on a Delegated Proof-of-Stake (DPoS) Layer-1 network developed using the Cosmos SDK and secured by the CometBFT consensus mechanism (a fork of Tendermint Core). To start trading, users connect a supported wallet to a supported network and deposit USDC or another supported token, which is then converted to USDC on Noble for use on dYdX. Users also have the option to deposit USDC directly from Coinbase onto the Noble Chain. dYdX can be accessed via a mobile application on iOS devices in eligible jurisdictions. Notably, no central party receives receives trading fees on this decentralized exchange.

Previously, dYdX offered a legacy protocol known as dYdX V3, a perpetual futures trading exchange built on a Layer-2 solution using StarkWare’s StarkEx scalability engine and Ethereum as the base settlement layer.