dYdX: score, security record and what it is for

79/100SCORE · BTrusted Grade B, very good

dYdX has run decentralised perpetuals since 2017 without a core protocol exploit, now on its own Cosmos chain. It has lost volume leadership to Hyperliquid but the engineering record remains one of the best in the category.

The facts

LIVE SINCE: 2017
TYPE: Perpetuals orderbook
CHAINS: dYdX Chain (Cosmos)
SWAP FEE: Around 0.05 percent taker, lower with volume.
AUDITS: Extensively audited across several versions.
WHO CAN CHANGE IT: DYDX token governance on its own Cosmos chain.

How the score breaks down

security25/30

liquidity20/25

chains8/15

costs14/15

decentralisation12/15

Where it is strong and where it is not

✓ Strengths

One of the longest running decentralised derivatives venues
Fully onchain orderbook
No exploit of the core protocol in eight years
Genuine governance

✗ Weaknesses

Migrated chains twice, which fragmented liquidity
Perpetuals only
Lost ground to Hyperliquid

Exploit history

No exploit of the core contracts on record.

Our read

A long clean record in a category where that is rare. It has been overtaken on volume, and the security record still stands on its own.

BEFORE YOU SWAP

Swap keeps failingSlippage, approvals, taxes and thin liquidity. Revoke approvalsEvery swap leaves a permission behind. Clear them. Gas tokensWhy you need the chain's native coin first. Pick a walletYou need self custody before you can use any DEX.

RISK WARNING Crypto assets are highly volatile and largely unregulated. You can lose everything you put in. Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.