DYDX crypto's volume rockets over 100% on big update. What is it?

May 09, 2022 05:46 PM AEST | By Raza Naqvi
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  • The DYDX crypto is the governance token of the dYdX Layer 2 Protocol.
  • The dYdX exchange was established in 2017 and the DYDX crypto was launched through an initial coin offering (ICO) in 2021.
  • The DYDX crypto could be gaining investors' attention due to releasing a teaser on Twitter. On May 7.

When the cryptocurrency market is crashing, the rise in the price of dYdX (DYDX) crypto has caught investors' attention. As of writing, the dYdX crypto had gained 8.3 per cent in the last 24 hours, and it was trading at US$ 3.73 per token.

As per the CoinMarketCap data, the 24-hour volume of the dYdX crypto was up over 100% to US$ 259.04 million. Meanwhile, the cryptocurrency's market cap had surged to US$ 244.8 million.

Ever since the US Federal Reserve raised the interest rates, it seems that the crypto market is witnessing bearish sentiments. As of writing, the global crypto market cap was US$ 1.54 trillion after falling about three per cent over the previous today.

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The market is witnessing a heavy sell-off, and the price of Bitcoin had gone down to US$ 33,543.07 per token at the time of writing. Meanwhile, the price of Ethereum was down by four per cent to US$ 2,445.61 apiece.

What is DYDX crypto?

The DYDX crypto is the governance token of the dYdX Layer 2 Protocol. dYdX is a cryptocurrency exchange with decentralization features and allows users to indulge in margin trading.

Notably, the feature of margin trading allows investors to increase their exposure to digital assets.

The dYdX exchange was established in 2017 after raising US$ 10 million in seed venture capitalist funding, and the DYDX crypto was launched through an initial coin offering (ICO) in September last year.

The DYDX crypto is deployed on the Ethereum mainnet and is an ERC-20 token. The dYdX protocol is built on ZK-STARKS technology and relies on the Ethereum blockchain for verifying transaction proofs.

DYDX crypto

Bottom line

The DYDX crypto could be gaining investors' attention due to releasing a teaser on Twitter. On May 7, the protocol tweeted that something big was coming, giving rise to several speculations and attracting crypto enthusiasts.

Some users claim that the derivatives exchange could announce its rebranding, and some suggest that it could announce the date of becoming fully decentralized.

The DYDX crypto is listed on crypto exchanges like Binance, FTX, OKX, and Bybit. The total supply of the DYDX crypto is one billion, and there are around 65.6 million tokens in circulation.

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