What is dYdX DeFi project?
dYdX DeFi project is a decentralized trading platform that currently supports margin trading, spot trading, lending, and borrowing. dYdX runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries.
Trade – Open short or leveraged positions with leverage up to 10x. Trade on Margin and Perpetuals.
Borrow – Borrow any supported asset directly to your wallet. Use existing crypto holdings as collateral.
Lend – Deposit funds to continuously earn interest over time. Variable interest ensures you always get market rate.
Manage – View, manage, and close margin positions. Track portfolio performance over time.
- Currently one of the highest volume and most liquid DEXs.
- Spot trading + Margin trading with up to 5x initial leverage (Pairs offered: ETH-DAI, ETH-USDC, and DAI-USDC).
- Perpetuals trading with up to 10x leverage (Pairs offered: BTC-USD, ETH-USD, LINK-USD).
Borrowing on dYdX DeFi
- Currently support ETH, DAI and USDC.
- Minimum starting account collateralization of 125%, which must be maintained above 115% to prevent liquidation.
- Borrow directly to your wallet.
- Currently support ETH, DAI, and USDC.
- No waiting period for matching.
- No minimum loan period.
- Interest starts accruing immediately, and is paid out every block.
- Rates are dynamic and based on utilization.
To get started, visit dYdX’s interface and enable MetaMask, which connects your Ethereum address to your dYdX account. You can access some features directly from your wallet, but be sure to fund your dYdX account to enable all trading options and start earning interest.