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Tag: dYdX

  • Dogecoin Open Interest Crashes 50% From October Highs, Volume Is Worse, What’s Going On?

    Dogecoin (DOGE) is facing a steep market cooldown after weeks of heightened trading activity in early October. Data from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have crashed, indicating a sharp decline in the meme coin’s momentum. The latest figures reveal a significant pullback in derivatives activity and spot market participation, suggesting that traders may be retreating from speculative positions as volatility eases. 

    Dogecoin Open Interest Crashes Over 60%

    Dogecoin’s Open Interest has plunged dramatically from its October highs, reflecting a rapid exodus of leveraged traders from the market. According to CoinGlass, total exchange DOGE futures Open Interest has fallen over 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October 28. This represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per token.

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    Despite the decline in Open Interest, Binance, BitMEX, and Bybit continue to lead as the top exchanges with the highest Dogecoin futures activity. Still, the downturn has been widespread across exchanges. Kucoin recorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% decline. Over the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while Crypto.com saw a 7.36% reduction. 

    Source: Chart from Coinglass

    Even Binance, which consistently leads Dogecoin futures trading, has seen a notable pullback. CoinGlass reports that the exchange’s Open Interest peaked at $964.7 million on October 7, marking a monthly high. Since then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three weeks.

    Dogecoin Sees Even Worse Decline In Volume

    Trading volume for Dogecoin has mirrored the collapse in Open Interest. CoinGlass data shows that Dogecoin’s futures volume heatmap across major crypto exchanges is in the red zone. Total trading volume had spiked to $20.45 billion on October 11, following the devastating crypto flash crash on October 10, but has since plummeted to $5.31 billion as of October 28. This represents a whopping 74% decline.

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    On individual exchanges, Binance’s DOGE trading volume dropped by 9.35% in the past 24 hours, while OKX saw a 13.69% decline. CoinEx recorded the largest volume decrease at 26.1%, followed by Gate.io at 23.94%. Popular exchanges like Bitget, Kucoin, and Bitunix also reported varying declines of 4.96%, 20.37% and 13.16%, respectively, as overall market liquidity thinned. 

    However, a few exchanges bucked the downward trend, recording slight gains. dYdX saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and Hyperliquid rose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, respectively. 

    Alongside its decline in trading volume, CoinGlass notes that Dogecoin’s price performance has slipped. The meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours.

    Dogecoin
    DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Scott Matherson

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  • 21Shares Launches DYDX ETP, Unlocking Institutional Access to On-Chain Derivatives

    Zurich, Switzerland, September 11th, 2025, Chainwire

    21Shares today announced the launch of the 21Shares DYDX Exchange-Traded Product (ETP), a regulated, physically backed investment product providing institutional investors with secure and compliant exposure to DYDX (DYDX), the native token powering the dYdX Chain. The launch is supported by the dYdX Treasury subDAO through its operator – kpk.

    With over $1.4 trillion in cumulative trading volume settled on dYdX, dYdX is the most operationally mature decentralized derivatives protocol, serving 230+ perpetual markets globally. The 21Shares DYDX ETP bridges traditional and decentralized finance, offering institutional allocators a regulated, trusted pathway into the rapidly growing on-chain derivatives market.

    21Shares led the product design, regulatory approvals, and exchange listing to ensure seamless integration into institutional trading environments. Leveraging its track record as one of Europe’s leading ETP issuers, 21Shares delivers professional investors access to DYDX with best-in-class compliance, security, and operational reliability. This momentum aligns with accelerating inflows into U.S. spot bitcoin ETFs such as the Grayscale Bitcoin ETF (GBTC), underscoring growing institutional adoption.

    Mandy Chiu, Head of Financial Product Development at 21Shares said: “The 21Shares dYdX ETP is a natural addition to our product lineup, providing investors with institutional-grade access to one of the first decentralized exchanges to offer perpetual futures contracts. This launch represents a milestone moment in DeFi adoption, allowing institutions to access dYdX through the ETP wrapper – utilizing the same infrastructure already in use for traditional financial assets.”

    Marcelo Ruiz de Olano, CEO and co-founder at kpk, added: “Promising DeFi tokens often fly under the radar for investors not yet familiar with DeFi. With the 21Shares dYdX ETP, dYdX is accessible via ticker and trade, making the market as simple to reach as any listed security. By contributing to the Treasury SubDAO, we help dYdX align real protocol revenues with tokenholder value. The launch of the 21Shares dYdX ETP gives institutional investors a clear entry point into one of the most dynamic DeFi protocols, without the hurdles often experienced with on-chain operations.”

    Charles d’Haussy, CEO of the dYdX Foundation commented: “The dYdX ETP empowers institutions to harness DYDX’s pioneering technology which redefines the $28 trillion crypto derivatives markets.”

    Global derivatives markets exceed $100 trillion in notional value, yet DeFi derivatives remain under 1% of this scale. The 21Shares DYDX ETP launches at a pivotal moment, aligned with dYdX’s high-velocity roadmap, providing institutions with a timely and regulated on-ramp as the protocol expands into:

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  • Here’s How Much DYDX Has Evolved Since its Launch

    Here’s How Much DYDX Has Evolved Since its Launch

    DYDX, the native token of the dYdX Chain, has evolved from a governance-only coin to a dynamic, multifaceted asset within six months of its launch.

    According to a blog post by the dYdX Foundation, DYDX has become the powerhouse of the layer-1 blockchain, enabling decentralized governance and allowing users to stake their tokens for rewards.

    A Timeline of DYDX’s Launch

    DYDX was launched in October 2023 alongside the dYdX Chain. Before that, the dYdX Foundation had launched DYDX (now ethDYDX) in August 2021. ethDYDX serves as a governance token for the Ethereum-based layer-2 protocol dYdX v3.

    In September 2023, the dYdX community voted to adopt DYDX as the native token of the dYdX Chain. To this effect, a wethDYDX smart contract was deployed to serve as a bridge for token holders to convert their ethDYDX to DYDX.

    At the time of writing, more than 75% of all ethDYDX have been converted to DYDX and migrated to the dYdX Chain. With 25% left, the circulating supply of ethDYDX now sits at roughly 247 million.

    Staking DYDX

    dYdX Chain was designed with a staking reward mechanism that distributes 100% of the protocol’s fees, paid predominantly in Circle (USDC), to stakers.

    “This mechanism not only incentivizes the provision of security but also opens up various practical use cases for Stakers. Specifically, they can reinvest their USDC staking rewards into crypto or other assets or use the USDC as collateral for trading on the dYdX Chain with just a few clicks,” said the dYdX Foundation.

    More than 18,900 DYDX stakers are receiving rewards, with $20 million disbursed so far. Around 149 million DYDX, representing 14.9% of the total supply, are staked to active set validators on the dYdX Chain with an annual percentage yield of 18%.

    The Journey So Far

    Earlier this month, the dYdX community approved a proposal to liquid-stake 20 million DYDX to reduce the chance of malicious attacks, improve network security, and decentralize validator operations. Rewards from the liquid staking would auto-compound USDC, be automatically converted into DYDX, and then re-staked to generate additional yield.

    The dYdX Chain now has over $120 billion in cumulative trading volume with increasing staked assets. Community members have also initiated 55 governance proposals, indicating active participation in the network’s decision-making process.

    Meanwhile, DYDX has a total supply of 1 billion tokens, a circulating supply of 501 million DYDX, and a five-year token distribution schedule.

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  • Here's How Whales Navigated dYdX's 150M Token Unlock

    Here's How Whales Navigated dYdX's 150M Token Unlock

    Several crypto projects have unlocked significant amounts of tokens, with dYdX, a decentralized exchange, leading the way by unlocking 150 million tokens. This represented 30% of the tokens allocated to investors, founders, and current and future employees, and the unlocking occurred on December 1st.

    DYDX – the native cryptocurrency of the dYdX chain – experienced a decline of only 2%.

    Whales in Action

    Following the latest token unlock, three whale accounts, which received a portion of these unlocked tokens from the dYdX Foundation Wallet, have proceeded to transfer their allocated tokens for sale on Binance.

    The first wallet, identified as “0xD21B,” transferred 5.63 million DYDX, worth $17.73 million, to Binance and currently retains a balance of 9.78 million DYDX, valued at $30.9 million.

    The second wallet, “0x63C6,” transferred 793,286 DYDX, equivalent to $2.5 million, to the crypto exchange and possessed 1.85 million DYDX, worth $5.85 million. The third – “0xa70d” – transferred 391,036 DYDX (worth $1.23 million) to Binance and has 2.39 million DYDX, valued at $7.54 million, left.

    According to data compiled by Lookonchain, these three large wallets collectively moved 6.81 million DYDX tokens, valued at $21.46 million, to Binance. Despite the mild selling pressure, the on-chain intelligence platform revealed that some investors have bridged DYDX.

    Traditionally, token unlocks are viewed as bearish events due to the sudden increase in the token supply. Surprisingly, dYdX’s price has not experienced a significant decline following this unlocking event.

    This influx of DYDX tokens on the exchange has exerted a slight downward pressure on its value, causing a temporary dip to $3.08. However, the price quickly rebounded to $3.18 within less than 24 hours. Despite this, the trading volume decreased by 5%, dropping from $541k to $511k during the same period.

    dYdX’s Transition to Standalone Blockchain

    The decentralized crypto derivatives exchange released the open-source code for its upcoming version 4 in October. The new dYdX Chain, built on the Cosmos SDK and leveraging the Tendermint Proof-of-Stake consensus protocol, is anticipated to facilitate transactions at a rate of up to 2,000 per second.

    The move to integrate Cosmos into its version 4 represented the initial phase of the upgrade, signifying the DEX’s shift from the Ethereum layer-2 network to its dedicated independent blockchain.

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  • Top Altcoins Poised To Make Waves This Week: Crypto Analyst

    Top Altcoins Poised To Make Waves This Week: Crypto Analyst

    Miles Deutscher, a crypto analyst, recently shared insights on altcoins that are catching his attention for the upcoming week. In a post on X, he starts by noting the market’s recent cool-off, suggesting this phase is creating new opportunities for savvy investors. Deutscher also emphasizes the importance of staying informed and ready to capitalize on these shifts.

    Top Altcoins To Watch This Week

    Injective (INJ)

    According to Deutscher, Injective (INJ) is experiencing a lull in hype, but this should not undermine its strong performance throughout the year. He believes that if the bullish momentum continues, INJ could reach its local highs in the $19’s. “Monitoring closely, as it runs hard when it runs,” Deutscher states, highlighting the potential for rapid gains.

    At press time, INJ was trading at $15.88 after being rejected at the 0.618 Fibonacci retracement level of $17.13.

    INJ price hovers between the 0.5 and 0.618 Fib, 1-week chart | Source: INJUSD on TradingView.com

    Pyth Network (PYTH)

    Deutscher points out that PYTH is in an interesting position with attributes favored by the market: it’s a new, shiny coin with a low float and perpetual contracts. However, competition from other Solana tokens, like Jupiter and JITO, may temporarily divert attention. For those already holding PYTH, Deutscher advises to hold but not to add more unless the price drops.

    SuperFarm (SUPER)

    SUPER is part of the trending gaming narrative and has been gaining attention from significant creators and influencers. Despite its volatile funding, Deutscher sees potential for a FOMO-driven price increase. “It could be one of those ‘it’s already up too much, I’m not buying’ plays,” he speculates, suggesting that late buyers might drive the price even higher.

    Cosmos (ATOM)

    The recent approval of the ATOM Halving proposal is a significant development for Cosmos. This change will halve the maximum inflation rate from 20% to 10%, potentially impacting ATOM’s price action (PA). Deutscher is watching this closely for signs of a developing trend.

    dYdX (DYDX)

    The unlocking of $524 million worth of DYDX on November 28th is a crucial event, especially since these tokens will be released on the DYDX chain, not supported by centralized exchanges (CEXs). Deutscher anticipates a complex interplay of market psychology around this event. “Watching to see if the head and shoulders pattern continues to play out,” he comments, suggesting possible price movements following the unlock.

    Solana (SOL) And BONK

    SOL’s struggle to break past $58 is noted by Deutscher, placing it in a “no trade zone” for now. However, a breakthrough could lead to significant gains. BONK, a Solana-based meme coin, is also on his radar due to its higher volatility and correlation with Solana’s movements.

    Solana price
    SOL price fell below the 0.382 Fib, 1-week chart | Source: SOLUSD on TradingView.com

    Vertex (VRTX)

    Finally, Deutscher highlights the significant volume increase on Vertex, surpassing DYDX and Uniswap. Despite suspicions of wash trading due to low open interest (OI) compared to volume, he sees potential in Vertex and perceives a resurgence in the popularity of perpetual decentralized exchanges (DEXs).

    Featured image from iStock, chart from TradingView.com

    Jake Simmons

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