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Decentralized Finance sector
dYdX (DYDX) protocol token is the governance token of the dYdX community. It is used to gain mining rewards and participate in staking pools. Holders receive trading discounts on the dYdX exchange. The dYdX exchange has $11 billion in total volume across perpetual and margins. dYdX provides secure trading services with low gas costs and fees. DYDX holders tokens can be a part of the governance process and propose changes to the layer-2 protocol.
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You can buy dYdX by adding it to your private Crypto Strategy (crypto portfolio). You can also use our recurring buy feature that tends to level out cryptocurrency price volatility effects. You can find out more about how to benefit from smaller investments at regular intervals on our blog article.
We recommend you do your own research and cryptocurrency analysis. Experienced crypto traders use fundamental and technical analysis to evaluate if dYdX is a good buy/sell. Fundamental and technical analyses are the two most common types of analysis used in trading traditional assets (e.g. stocks and bonds).
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Sold $KNC as we didn't get hoped pump. I decided to buy different altcoins, because distributed portfolio could be the right play at the moment. Why? Because we could see different alts popping up and it could be frustrating if we hold only one or two assets that don't move that much.
$DYDX continues to do some astounding trading volumes and still at that valuation/mkt cap… it’s a gift!
I hope everyone had a lovely holiday!
We got a late present and it seems like patience is finally paying off.
Fingers crossed 🤞
$FXS had its halving event and is soon going to release frax chain. The chart looks amazing too and I think it'll break out soon.
I will rotate from $DYDX into Frax Shares on a break out or dip.
Wishing you all the best and that the last days of the year treat you well :)
As far as I know, dYdX is the largest decentralized derivatives trading platform with average daily trading volume of 1 billion USD.
They recently introduced revenue sharing which is a big plus.
I would also consider this some kind of DeFi primitive.
On the chart we can see a clean retest of 0.618 fibonacci level which is a bit like reading tea leaves, but by many considered a healthy level for a correction and finally trend continuation.