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2023 Year in Review

dYdX
dYdX
Header_2023
dYdX
dYdX

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

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!

About dYdX

dYdX’s mission is to democratize access to financial opportunity. We believe that the dYdX Chain represents a large step forward in service of that mission. 

If building the future of DeFi is something you’re interested in, check out what it’s like to work at dYdX and our open roles!

Join the discussion on Discord, participate in the dYdX community, or follow us on Twitter. Learn more at dydx.exchange.

Terms and Conditions: This document provides information with respect to the default settings of dYdX Trading Inc. (”dYdX”) open source v4 software [(”dYdX Chain”)].  dYdX does not deploy or run v4 software for public use, or operate or control any dYdX Chain infrastructure. dYdX is not responsible for any actions taken by other third parties who use or deploy v4 software, including dYdX Chain. dYdX services and products are not available to persons or entities who reside in, are located in, are incorporated in, or have registered offices in the United States or Canada, or Restricted Persons (as defined in the dYdX Terms of Use). The content provided herein does not constitute, and should not be considered, or relied upon as, financial advice, legal advice, tax advice, investment advice or advice of any other nature, and you agree that you are responsible to conduct independent research, perform due diligence and engage a professional advisor prior to taking any financial, tax, legal or investment action related to the foregoing content. The information contained herein, and any use of v4 software, are subject to the v4 Terms of Use.