|Total Value Locked||24H|
|in ETH||172.1K ETH||-1.1%|
|in BTC||3.7K BTC||-0.6%|
|ETH Locked||150.6K ETH||-327 ETH|
|% Supply Locked||0.14%|
dYdX is a non-custodial trading platform on Ethereum geared toward experienced traders. Powered by the dYdX team’s latest open source protocol, Solo, the dYdX platform lets users lend, borrow, or margin trade any supported asset (as of May 2019: ETH, Dai, and USDC, with more planned). Borrowers’ interest rates vary by asset and adjust with supply and demand. Interest continuously accrues and is paid to lenders, minus a 15% set-aside that dYdX holds, in part as an insurance fund. Borrowed funds must initially be collateralized with 125% of their value; liquidation occurs if that ratio falls below 115%. Liquidation comes with a 5% penalty, which other dYdX users can take advantage of by running a bot such as the one open-sourced by dYdX. Traders can take leveraged long positions of up to 4x their collateral’s value (3x for shorts). Loans and margin trades can remain open for a max of 28 days, after which they’re automatically closed out. dYdX’s latest version launched on the Ethereum mainnet on May 1, 2019, replacing Expo, a tokenized-margin product that will be sunset in mid-June 2019. The dYdX platform charges no trading fees, has no native token, and has passed two security audits.
To get started, visit dYdX’s interface and enable MetaMask, which connects your Ethereum address to your dYdX account. You can access some features directly from your wallet, but be sure to fund your dYdX account to enable all trading options and start earning interest.