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2023 Year in Review

The end of another year is upon us and what an amazing one it was. From dYdX v3 hitting $1 Trillion in trading volume to shipping the dYdX Chain software, let’s take a look at all we accomplished over the past 365 days.

dYdX Chain Software

In June 2022, we announced dYdX v4 which would transform the well loved dYdX protocol it into a fully independent Cosmos app chain. This undertaking was, of course, no easy task and took us over a year to complete. We open-sourced the software in October and over the course of 2023 we built:

  • advanced order types
  • a trading front end
  • IBC connections
  • Three versions of the v4 testnet
  • And basically everything else that makes up dYdX Chain

And now that dYdX Chain software is released and being deployed, we are working to make updates available to the open source code including new features such as permissionless markets and more. The dYdX Chain, including the indexer and front end, is completely open-sourced with repositories found here.

dYdX v3

While we spent most of our year building v4, we were excited to see v3 hit some major milestones. This year dYdX v3 passed $1 Trillion in lifetime trading volume and saw several days with 24 hour trading volume above $2 Billion. We plan to continue supporting v3 for the foreseeable future even as we switch our focus to v4 software.

Research

dYdX Chain software allows for more customization and we believe that MEV is a problem that can be solved at the protocol/ chain level. Our research team worked with the folks at Skip Protocol to build ways to combat MEV including a public dashboard aimed at social prevention of MEV and a new architecture for combatting MEV.

dYdX Academy

This year, we also launched the dYdX Academy to create a safe space for crypto newbies and degens alike to learn more about the ecosystem. On the dYdX Academy, you can learn a wide range of topics from The History of Cryptocurrency to Algorithmic Trading Strategies.

We publish new pieces every week and will have some exciting topics + changes coming to the site in 2024. Find the Academy here.

Team

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Img Description: dYdX Team + other core contributors

Of course, we couldn’t have shipped all these updates without our amazing team. This year was one of our biggest years for growth, with sixteen new hires starting including:  

  • A Head of Policy to spread the crypto good word on Capitol Hill
  • A Mobile Engineer to help bring dYdX to iPhone and Android
  • An Executive Assistant to help our C Suite manage their time and make better decisions
  • A Workplace Lead to plan team events and upkeep our NYC office

…as well as growing our research, marketing, engineering and recruiting teams.

We are so thankful for new and old hires alike for making dYdX the best place to work. If you’re interested in joining our team, check out our open positions here.

Looking forward to 2024

While 2023 was debatably the biggest year yet, we’ve got a lot more to come in 2024. Next year we hope to ship a continued stream of product updates to dYdX Chain software and grow our team even more. Thank you to you all for coming along for the ride with us the past few years. We can’t wait to see what 2024 has in store!

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January 24, 2025
Last Update:
December 29, 2023

Disclaimer

Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.
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dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain’s infrastructure.
The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.
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The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof) “AS IS, WHERE IS”.
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Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone.  Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.

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dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as for Restricted Persons as set out in the dYdX Software Terms of Use, accessible: https://dydx.exchange/v4-terms. dYdX International Ltd (including its affiliates, "DI") does not develop, control or participate in the operation of any component of the dYdX Protocol (including the MegaVault).

The information provided in this website is for general informational purposes only and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice.  Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.

Engaging in any activity involving crypto-assets (including trading crypto assets and depositing into the MegaVault) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be suitable for retail investors. You should perform your own research and due diligence before engaging in any activity involving crypto-assets.

In no event will DI be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this website. By continuing to access this website, you agree to the above and accept the possibility of changes in the information provided.

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By clicking ‘Continue’, you will be leaving https://www.dydx.xyz/ and accessing a website made available by a third party using dYdX v4 open-source software that is independent from and unaffiliated with dYdX International Ltd (“DI”). DI does not deploy or run dYdX v4 open-source software for public use, nor does it operate or control any or all parts of the infrastructure. DI is not responsible for any actions taken by independent third parties or for any codes, materials and contents on any third-party websites, including the one you would access by clicking ‘Continue’.

DI’s contents and services are not available to persons who are residents of, are located or incorporated in, or have a registered office in the U.S., Canada or any Restricted Persons as set out in the dYdX v4 open-source software Terms of Use, accessible here.  More details can be found in our Terms of Use. Learn more about dYdX v4 third-party front end options here.

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