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The DYDX governance token has been launched by the dYdX Foundation, an organization based in Switzerland. Per the entity’s announcement, DYDX token holders will have voting rights on governance proposals.
The robust and innovative ecosystem of the dYdX protocol allows traders, partners and liquidity providers to come together and make the system more effective. The DYDX token will be a great option for crypto investors, considering ongoing developments widely anticipated to lead to future price appreciation. But first, let's dissect dYdX and look at how the platform works.
Similar to popular cryptocurrency exchanges like Bybit, these platforms are used for margin trading with advanced derivatives products like leveraged tokens for more adventurous traders. However, the largest decentralized exchanges like Uniswap and SushiSwap do not offer the same capabilities. This is where dYdX comes in.
dYdX is a decentralized crypto derivatives exchange with a range of margin trading and perpetual options, that operates independently on a Layer 2 ZK-Rollup called Starkware. The exchange platform previously provided basic crypto margin trading capabilities with limited assets but has since implemented perpetual pairs for many cryptocurrencies.