dYdX

dYdX is a decentralized trading protocol best known for perpetual futures, where traders take leveraged long and short positions on crypto without handing custody to a centralized exchange. Founded by ex-Coinbase engineer Antonio Juliano in 2017, it evolved from an Ethereum DeFi app into its own sovereign Cosmos appchain (dYdX v4) that runs a high-performance, validator-operated order book settled in USDC. The protocol is governed by the DYDX token and, with the 2025 launch of spot trading, opened access to U.S. traders for the first time.