Today we are going to take a look at DYDX and the potential it has. What is DYDX and why do some believe that this token is a must have in your portfolio?
dYdX is a decentralised exchange. But unlike other decentralised exchanges such as Pancakeswap and uniswap, dYdX is built on the Starkware layer 2 network that features an order book architecture in contrast to automated market makers such as Uniswap or SushiSwap.
Users can trade in spot, perpetual futures and margin markets on multiple trading pairs. In this way, dYdX merges the features you would typically find on a centralised exchange such as Binance with the convenience of everything DeFi stands for. DYDX is the exchange's governance and utility token, just like CAKE is for pancakeswap.
Although the token has had rough start after their airdrop not to long ago, the exchange is currently on the number 2 spot when it comes to decentralised exchanges, right behind Pancakeswap. If we look at the price of Cake we see that cake is selling between 16 to 20 dollars with an all time high of 44 Dollars. Given this information, I believe that DYDX will more than double in the next few months.
The majority of traders of crypto still use centralised exchanges like Binance and Coinbase but this is starting to change. We see that DeFi has a lot of potential but personally I don't like the features of some DEX's. That's why I am rooting for dYdX and their native token.
DYDX has already multiplied with a factor of 6 on Binance. It went from 3 dollars all the way to its current all time high of 19 dollars. I believe that we will see a slight dip toward 15 dollars and afterwards I suspect it will reach 30 dollars in a month or two.
What do you guys think?