Learn about the DYDX token and what you can do with it
27 Mar, 2023
DYDX is the governance token of the DeFi lending protocol, dYdX. With it, it is possible to receive yields by making DYDX available on the platform for loans and mar...
Understand DYDX, the dYdX's governance token
What is the dYdX platform?
The dYdX exchange emerged as a DeFi lending protocol that offers advantages to those who make their assets available on its network. The protocol allows for margin trading, that is, you can trade cryptocurrencies with amounts greater than those you have in your account. Thus, the dYdX protocol operates with investment leverage, which provides greater reward possibilities.
What is the DYDX token used for?
DYDX is the dYdX protocol token that allows for a number of uses in that ecosystem. With DYDX you can operate on the exchange, do margin trading and leverage your yields. It is also a governance token that allows voting on protocol improvement proposals. So, the more DYDX tokens you own, the greater the weight of your vote in these decisions. In the dYdX protocol it is possible to give and obtain loans in cryptocurrencies.
How to get DYDX?
There are different ways to obtain DYDX. You can access the dYdX protocol and purchase it directly from the network or use an exchange such as Bitso. Just access our app or website and make an initial deposit of 5 USD to convert your money into DYDX! In addition to DYDX, Bitso offers other crypto assets you can add to your basket.