dYdX (ethDYDX)

dYdX (ethDYDX) is the governance token for the dYdX Layer 2 protocol built on Ethereum. The token allows the dYdX community to govern the protocol. Currently, the ethDYDX token is undergoing a migration from Ethereum to the dYdX Chain, with approximately 75% of all ethDYDX already bridged over and converted into the new DYDX token. The dYdX Layer 2 protocol utilizes StarkWare's StarkEx scalability engine to increase transaction speed, eliminate gas costs, reduce trading fees, and lower minimum trade sizes compared to Ethereum mainnet. This allows the dYdX protocol to deliver a highly scalable and low-cost trading experience for perpetual futures and other derivatives. A total of 1 billion ethDYDX tokens were initially minted, with the supply becoming accessible over a 5-year period starting from August 2021. The token allocation was divided between investors, user trading rewards, employees, retroactive rewards, liquidity providers, future hires, the community treasury, and liquidity/safety staking pools. The allocation has been updated over time through various governance proposals. The dYdX protocol was founded by Antonio Juliano, an experienced programmer with a background in blockchain technology who previously worked at Coinbase. The protocol aims to differentiate itself through its use of advanced scaling technologies like zkSTARKS to enhance the scalability and efficiency of the decentralized trading platform.