dYdX, A Long-Awaited Crypto Trading Platform Now Open to the Public

By Kapil Gauhar

dYdX is an open trading platform for cryptocurrency assets. This brand new protocol and product has been in the development for about 4 years and finally gets live now. The team announced last week that the platform is open to the public.

Also, the protocol is now officially open-source and accessible on GitHub. The dYdX team cites this long-awaited platform as a massive step in their goal for bringing more advanced financial products into the open, for anyone to use.

dYdX, Now Live

Smart Margin Trading as well as Leverage Features

• Cross-Margin: It uses a trader’s dYdX account for trading, that is a useful tool to manage a prolonged position and minimising the chances of liquidation
• Isolated-Margin: It allows traders to choose their leverage and take control particularly how much capital they want to risk
• Are you trading on a centralised crypto exchange? Users can borrow with collateral: It maintains a 1.15x collateral ratio for borrowing and receiving principal to their wallet directly

Earning Interest on Your Cryptocurrency

All funds on dYdX earn some interest continuously. All you need to do is to deposit cryptocurrency to dYdX and just lean back and watch it grow. Even collateral used for margin trading earns interest here, making sure that the capital always being put to work.

Quality User Interface

The development team built dYdX keeping professionals in mind. The team gathered feedback from its users and then made the UI with all the features that traders anticipate with even more advancements coming shortly. Also, it was clear to the team that users would want more professional and advanced tools for their trading purposes.

Zhuoxun Yin, the Head of Operations at dYdX, stated –

“We are excited to open-source the smart contracts powering the new dYdX. Alongside the contracts, we’re also open sourcing a fully-featured Typescript library which makes building on dYdX easy. The codebase has undergone months of rigorous testing internally-all production smart contracts are tested and have 100% branching code-coverage. We also had two external security audits with no critical bugs found.”