Draft:DYdX (company)

dYdX is a decentralized cryptocurrency exchange.

History
dYdX was founded in 2017 by Antonia Juliano, an entrepreneur and software developer who graduated from Princeton University. Juliano worked with Coinbase before launching dYdX in San Francisco. The company is backed by Andreessen Horowitz, StarkWare, Polychain Capital and Paradigm among others with a total funding of $87 million.

In 2021, dYdX integrated a blockchain technology known as StarkWare, which boosted the efficiency of cryptocurrency transactions conducted through Ethereum.

In August 2021, dYdX introduced the dYdX Foundation, an independent foundation to support dYdX's layer 2 protocol growth as well as to be responsible for the issuance of the $DYDX token. Charles d'Haussy is the CEO of the dYdX Foundation.

Overview
dYdX operates as a decentralized protocol that is governed by the $DYDX token. dYdX is available to individuals and entities worldwide, as it is built on a decentralized infrastructure and operated on the Ethereum blockchain.

In September 2021, dYdX recorded $18.6 billion in transactions, surpassing American crypto company Coinbase, which recorded $5.9 billion during the same period. The company’s total revenue was $75 million in 2021.

Previously, dYdX operated on Layer2 Ethereum. In April 2023, dYdX launched a private testnet for the new v4 iteration of the protocol and migrated from its Ethereum-based construction platform to a network on Cosmos in July 2023. The proprietary blockchain on Cosmos allows control of a fully customizable tech stack and avoids dependency on the speed and trade-offs of Ethereum's infrastructure.