Layer 1 · Proof of stake (CometBFT) · Live since 2023
dYdX
DYDX
dYdX runs a Cosmos application-specific chain built to power a decentralized perpetuals exchange. Its native token, DYDX, is staked to validators who secure the network.
dYdX is a sovereign blockchain built with the Cosmos SDK and CometBFT, dedicated to one job: running an order-book exchange for perpetual futures fully on-chain. Earlier versions of dYdX ran on Ethereum and a StarkEx Layer 2, but version 4 moved to its own standalone chain so the order book, matching, and settlement all live in the protocol. Here is how it works and what it is used for, not the price.
Total value locked (DeFi)
$98.2M
Value locked in DeFi protocols on dYdX. Updated Jun 8, 2026. Source: DefiLlama.
Validators take turns proposing blocks in a weighted round-robin, with influence weighted by how much DYDX is staked to each node. A block is finalized once two-thirds or more of validators, by stake weight, approve it. Token holders who do not run a validator can delegate their DYDX to one and share in the rewards. Fees collected by the protocol, largely denominated in USDC, are distributed to validators and their delegators.
Consensus: Proof of stake (CometBFT)
Validators take turns proposing blocks in a weighted round-robin, with influence weighted by how much DYDX is staked to each node. A block is finalized once two-thirds or more of validators, by stake weight, approve it. Token holders who do not run a validator can delegate their DYDX to one and share in the rewards. Fees collected by the protocol, largely denominated in USDC, are distributed to validators and their delegators.
Application-specific chain
Rather than deploying as a smart contract on a shared network, dYdX runs its own chain tuned for a single use: a high-throughput perpetuals exchange.
Off-chain order book
Each validator keeps an in-memory order book and matches trades off-chain, then commits the resulting trades on-chain. This keeps the live order book fast while settlement stays decentralized.
Gas-less trading
Placing and canceling orders does not cost a gas fee. Traders instead pay maker and taker fees in USDC, and those fees flow to validators and stakers.
Staking and governance
DYDX is staked to validators to help secure the chain and is used to vote on governance proposals that set protocol parameters and upgrades.
Ecosystem & usage
What dYdX is used for.
The chain is purpose-built for derivatives trading, so most activity centers on the dYdX perpetuals exchange and the tooling around it.
Today dYdX is its own Layer 1 Cosmos app-chain. Earlier versions ran on Ethereum and a StarkEx Layer 2, but version 4 launched as a standalone chain in 2023.
What is the DYDX token used for?
DYDX is staked to validators to secure the network and is used for governance voting. Stakers earn a share of protocol fees, paid largely in USDC.
Why is trading on dYdX gas-less?
Order placement and cancellation are handled off-chain by validators, so they do not incur a gas fee. Traders pay maker and taker fees in USDC instead.
What consensus does dYdX use?
It uses proof of stake through CometBFT and the Cosmos SDK, with validators finalizing blocks once two-thirds approve by stake weight.
Can I hold DYDX in Zypto App?
Not yet. DYDX isn't in Zypto App at the moment. You can hold it in any self-custodial wallet, and you can ask us to add dYdX using the "Request dYdX" button above.
dYdX V4 · Derivatives$98.2M
Stride · Liquid Staking$73,295
