# dYdX (DYDX): D-Score 37/100 — Centralized Leaning

**BlockIndex D-Score: 37/100 (Centralized Leaning).** dYdX (DYDX) is a Layer 1 cryptocurrency using PoS consensus. dYdX: Decentralized derivatives and spot trading protocol migrating to a Cosmos-SDK Layer‑1 with on‑chain governance and MegaVault liquidity.

_Source: https://blockindex.ai/coin/dydx · Data by BlockIndex.AI · Updated 2026-06-19_

## D-Score breakdown (0-100, higher means more decentralized)
| Component | Score |
| --- | --- |
| Overall D-Score | 37 |
| Node distribution | 2 |
| Initial distribution | 0 |
| Governance | 20 |
| Age and history | 10 |
| Autonomy | 5 |

## Key facts
- Layer: Layer 1
- Consensus: PoS (N/A)
- Launch: Other (2017)
- Founder: Antonio Juliano
- VC funded: Yes
- Max supply: 1,000,000,000
- Circulating: 844,084,129 (84.4%)

## Market data (as of 2026-06-19)
- Price: $0.12
- Market cap: $97.77M
- 24h volume: $8.09M
- 24h change: -1.31% · 7d change: -3.01%

## About
dYdX is a decentralized derivatives and spot trading protocol that has evolved from Ethereum-based L2 origins into a purpose-built, Cosmos-SDK-based trading chain. Founded by Antonio Juliano in July 2017, dYdX initially gained traction by offering margin and perpetual products on Ethereum and StarkWare L2. Over multiple product generations the project matured its matching, risk and incentive architectures, built deep liquidity provisioning mechanisms, and ultimately migrated the DYDX token from an ERC-20 (ethDYDX) into a native asset on the dYdX Chain. The project is positioned as a pro-grade DeFi trading venue offering advanced order types, liquidity engines (MegaVault), staking and validator participation, and a governance-controlled economic policy.

Technically, the dYdX Chain is implemented as a Cosmos-SDK application chain secured by CometBFT (a Tendermint variant) and operates as a proof-of-stake network optimized for high-throughput trading workloads. The stack includes a native token (DYDX), bridge tooling and ERC-20 compatibility for legacy liquidity, and a set of off-chain integrations (CCXT, fiat on/off ramps) and wallet connectors that broaden access. The ecosystem architecture emphasizes modular composability: a native MegaVault liquidity engine, cross-chain deposits/bridges, instant listings, and programmatic integrations that support institutional and retail flow. Core components and many client-facing tools are open-source and the project leverages common Web3 tooling for development and observability.

In practice, dYdX’s use cases concentrate on derivatives and high-frequency liquidity: perpetuals, spot markets, institutional programmatic access, and liquidity incentives geared toward professional market-makers. The token and native chain underpin staking/validator economics, governance voting, incentives (Surge Seasons) and buyback programs designed to align protocol revenues with token value. The project has achieved substantial listing coverage on major centralized exchanges while retaining on-chain DEX presence (dYdX, Uniswap, Osmosis) and broad wallet support. Notwithstanding these strengths, the protocol has experienced a notable security incident (Nov 18, 2023 dYdX V3 exploit) and faces multi-chain and regulatory complexity as it pursues U.S. market access through product adjustments.

From a tokenomics and governance perspective, DYDX has a fixed maximum supply of 1,000,000,000 tokens with allocations across investors, employees, rewards and a community treasury. Governance is primarily on-chain, with the dYdX Foundation, dYdX Labs (company) and several subDAOs participating in ecosystem stewardship and operations. Recent governance actions have included formalized buyback allocations (initially 25% of net protocol fees, later increased to 75% by vote) and repeated protocol upgrades in the v9.x series. Roadmap priorities emphasize MegaVault expansion, Solana spot integrations, institutional productization (ETP support) and continued platform upgrades to improve trading performance and broaden market access.

## Links
- Website: https://dydx.trade/
- Whitepaper: N/A
- GitHub: https://github.com/dydxfoundation

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About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore