dYdX (DYDX) Gains 47% Within Day: Would You Risk Betting On This Token?

During the day, the token is impressively soaring from $11.31 to $16.71, representing a 47%profit for today. Right now, dYdX is trading at $15.77 with a market capitalization of $765,778,224. In accordance, Digital asset firm Kraken announces that it is pleased to confirm that their platform will now support trading with the dYdX token (DYDX). dYdX is a “decentralized” Tier 2 trading platform built on Ethereum (ETH), providing various financial products such as margin trading, derivatives, and perpetual contracts.

3 Reasons to Invest in Crypto -- and 1 Reason Not to | The Motley FoolAdditionally, dYdX allows users to borrow, lend and predict future prices of virtual currencies. Rather than maintaining a central order book where buyers and sellers can place their orders, dYdX uses a set of liquidity pools where traders can access funds wishing to buy or sell digital currencies. DYdX’s proprietary crypto-token, DYDX, serves as a platform governance token and allows participants to vote on protocol updates on the network.

April Sanchez

Business and Tech Reporter