search newsletter login upgrade

dYdX: Non-custodial margin trading protocol

by Matteo Leibowitz

May 10, 2019, 2:50PM EDT  ·  10 min read

Quick Take

  • dYdX is an Ethereum-based non-custodial exchange protocol with margin and derivative products 
  • Open interest has spiked to $870,000 after just nine days of operation, with ETH long/short ratio currently at 13:1 
  • While the emergence of dYdX presents a material step forward in the maturation of open finance market structure, the exchange protocol has several obstacles to overcome before it can compete with its centralized counterparts 

by Matteo Leibowitz

May 10, 2019, 2:50PM EDT  ·  10 min read

Earlier this month dYdX, an Ethereum-based non-custodial exchange, opened its revamped platform’s doors to the general public.

dYdX, founded by Antonio Juliano, previously an engineer at Coinbase, now boasts six team members. The exchange is advised by Fred Ehrsam, co-founder of Coinbase and leading crypto fund, Paradigm, and Reuben Bramanathan, previously Product Lead at Coinbase, among others.