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How to Start Trading on dYdX Chain: A Beginners Guide 

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Trading platforms offer a variety of options for users, but few specialize in decentralized perpetual futures. dYdX stands out in this niche, providing users with an innovative platform for perpetual trading, characterized with high transaction speed, low fees and numerous possibilities for DYDX token holders. It is also perfectly suitable for newbie traders, simplifying the DeFi experience and making the transition from centralized exchanges seamless.

The recent developments in dYdX’s offerings make it an ideal choice for those looking to explore decentralized finance (DeFi) with ease. This guide is designed to help beginners navigate dYdX and its features, providing the essential steps needed to start trading.

What is dYdX?

dYdX is a decentralized perpetual exchange. Launched in 2018, it has established itself as a leader in decentralized perpetual trading through its combination of cutting-edge technology and affordability. The platform’s growth is supported by prominent venture capital firms and investors, including Andreessen Horowitz, Paradigm, and Polychain, among others.

In 2023, dYdX announced its migration from the Ethereum blockchain to the Cosmos ecosystem with the dYdX Chain. This transition marked a significant milestone for the platform, allowing for increased scalability, full decentralization, distribution of 100% of protocol fees to Stakers and higher throughput. The migration also enabled dYdX to implement a fully decentralized order book system and matching engine providing more control and precision for traders.

dYdX Chain is fully decentralized, so users can easily onboard using a variety of wallets or socials thanks to the Privy integration and aren’t required to complete Know Your Customer (KYC) checks. All you need is a funded crypto wallet or social account and you can start trading in a matter of minutes.

dYdX has established itself as a leading platform for perpetual trading of crypto assets. The platform’s average daily transaction volume consistently exceeds $1 billion, reaffirming its position as a significant player in the trading landscape. It has outpaced many decentralized trading platforms and competes with prominent centralized exchanges, demonstrating dYdX’s growing influence in the market.

How to Trade on dYdX?

Step 1: Getting Started

Before you begin trading on dYdX Chain, you need a compatible cryptocurrency wallet, e-mail or socials (X or Discord). Here’s how to set up a wallet:

  • Choose a Wallet: Popular options include MetaMask, Trust Wallet, and Ledger. Make sure your chosen wallet is compatible with dYdX on the dydx.trade interface. A hardware wallet like Ledger offers added security by keeping your private keys offline.

    You can also set up a new wallet using Privy and log in using your existing email or social accounts. It doesn’t require memorizing a seedphrase — just choose a preferred log in method and click Authorize.

Connecting a wallet. Source: dydx.trade
  • Install and Configure: Download and install the wallet app or browser extension, and set up your account by following the prompts. Make sure to securely store your recovery seed phrase. Never share this phrase with anyone, as it gives full access to your wallet.
  • Fund Your Wallet: Transfer some cryptocurrency, such as USDC, into your wallet. This is necessary for trading on dYdX Chain. Depending on your chosen wallet, you may need to purchase cryptocurrency from an exchange or transfer it from another wallet.

Step 2: Connect to dYdX

With your wallet ready and funded, it’s time to connect to dYdX Chain:

  • Visit dydx.trade — the front end user interface for dYdX Chain.
  • Connect Your Wallet or socials: Click the “Connect Wallet” button and select your wallet type. Follow the prompts to complete the connection. Ensure your wallet extension or app is open and ready for interaction.
  • Authorize: You’ll be asked to authorize transactions through your wallet interface. Make sure to review the details before confirming. This step ensures you understand and approve the connections and transactions taking place.

dYdX Chain is available for iOS: the same dYdX Chain trading experience you know and love — now directly in your pocket!

Download dYdX for iOS here.

Step 3: Explore the Platform

Once connected, you can explore dYdX Chain’s interface:

  • Dashboard: The dashboard provides an overview of your account, including balances, open positions, and trade history. This section also offers shortcuts to key functionalities, making it easier to manage your portfolio.
Portfolio inteface. Source: dydx.trade
  • Markets: Navigate to the Markets section to view available trading pairs, recently listed markets, 24h USDC distribution, biggest movers, current prices and 24h trading volumes. You can also view price trends, helping you make informed decisions.
Markets inteface. Source: dydx.trade
  • Order Book: dYdX Chain’s orderbook and matching engine is fully decentralized and purpose built for the optimal trading experience. It shows active buy and sell orders, giving you insights into market trends. This information can guide your trading strategy, especially when placing limit orders.
Trading inteface. Source: dydx.trade

Step 4: Start Trading

Now that you’re familiar with the interface, you’re ready to place trades:

  • Select a Market: Choose a trading pair from the Markets section. dYdX Chain offers over 63+ pairs, allowing you to diversify your portfolio or focus on specific assets. You can switch between the selected market and all available pairs using the All Markets button in the top left menu.
  • Order Type: Decide on an order type, such as a market order (instant execution at current prices) or limit order (executed at a specified price). Limit orders are useful for specifying exact entry or exit points for your trades. For a detailed overview you can view this comparison table.
  • Enter Trade Details: Specify the amount and price for your trade. Double-check these details before finalizing to avoid mistakes.
  • Set The Leverage: Deciding what leverage to use is a crucial aspect of perpetual trading. Leverage refers to the funds borrowed from the platform to amplify a trade, acting as a multiplier on gains or losses. dYdX Chain offers up to 20x leverage trading. The liquidation price is calculated automatically before you enter the trade, helping effectively manage the risk.
  • Understand dYdX Trading Fees: Fees vary based on the type of trade and your trading volume in the last 30 days. Fee is between 0,025% and 0,05% for taker orders. Generally, the fees are lower than that on centralized exchanges. Up to 90% of your trading fees are distributed instantly back into your dYdX Chain address. Additionally there is an incentive program currently live that subject to governance will distributed 5M USD in DYDX to eligible traders.
  • Review and Confirm: Double-check all details before executing your trade.
  • Manage Your Positions: Monitor open positions from the dashboard and manage them by closing or modifying as needed. Keeping track of your positions helps you adapt to market changes and protect your investments.

Step 5: Get The Most Of dYdX Trading Rewards and Launch Incentives

Trading rewards incentivize users to trade on the protocol. dYdX rewards users for every successful trade based on the amount of fees paid. The system automatically distributes trading rewards directly to the trader’s account per block. Prior to each trade, the UI will also show the expected amount of rewards a trade of that size will receive. 

dYdX Chain flywheel. Source: dYdX

The dYdX Chain also runs a Launch Incentives Program, tailored to expand and transition the current dYdX user base to the new protocol. The governance proposal set aside $20M of DYDX from dYdX Chain Community Treasury to be distributed as rewards for trading and market making activity. You can find an extensive blog post describing the program details here.

Step 6: Stay Informed

Trading on dYdX Chain requires staying updated:

  • Community: Join the dYdX community on social media or participate in forums to stay informed about updates and opportunities. Engaging with the community can also provide valuable insights and support.
  • Learning Resources: Explore educational materials provided by dYdX Academy and other DeFi resources to enhance your trading skills. Continuous learning can help you refine your strategies and navigate the platform more effectively.
  • Security: Always keep security in mind, enabling two-factor authentication (2FA) and avoiding sharing sensitive information. Regularly review your security settings to protect your assets.

Although perpetual trading is inherently risky and not recommended for beginners, dYdX Chain offers an excellent starting point for those interested in trading perpetual futures. The platform boasts high liquidity, support for a wide range of assets, and low fees due to its advanced technology. These features make dYdX Chain a serious competitor to prominent centralized exchanges.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.





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3 Meme Coins to Watch For The Last Week of February 2025

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DOGEai, TST, and BROCCOLI are three meme coins drawing attention for the last week of February. DOGEai, launched on Solana, is up 110% in the past seven days, positioning itself as a leading AI meme coin.

TST remains one of the most popular meme coins on the BNB chain despite a recent correction. At the same time, BROCCOLI, inspired by Binance co-founder CZ’s dog, has also seen significant volatility.

DOGEai (DOGEAI)

DOGEai is an artificial intelligence coin launched on Solana. Its market cap is now $32 million, up 82% in the last seven days. This rise has positioned DOGEai as one of the most talked-about AI meme coins in recent days.

DOGEAI Price Analysis.
DOGEAI Price Analysis. Source: TradingView.

DOGEai leverages multiple narratives, including Dogecoin’s popularity, the growing interest in DOGE (Department of Government Efficiency), and the broader AI cryptos trend. It defines itself as “an autonomous AI agent here to uncover waste and inefficiencies in government spending and policy decisions,” offering bill summaries and insights into government expenditures.

If the current uptrend continues, DOGEai could test the resistance at $0.048, with potential targets at $0.059 and $0.069. However, if a downtrend emerges, DOGEai has support at $0.030, and if that level is lost, it could drop to $0.018 or even $0.0092.

Test (TST)

TST has emerged as one of the most popular meme coins on the BNB chain, benefiting from the chain’s growing volume, which recently even surpassed Solana.

In the days following its launch, TST reached a market cap close to $500 million, then entered a strong correction phase. Its market cap has since dropped to $78 million.

TST Price Analysis.
TST Price Analysis. Source: TradingView.

If the BNB narrative gains strength again, TST could benefit as one of its most popular meme coins and may test the resistance at $0.10. A breakout above this level could push TST to $0.20 or even $0.25 if buying pressure intensifies.

However, if TST fails to regain strong upward momentum, it could test the support at $0.0719 and potentially drop to its lowest levels since February 9.

CZ’S Dog (BROCCOLI)

BROCCOLI was launched a few weeks ago after Binance co-founder CZ revealed his dog’s name, sparking a flood of BROCCOLI tokens on the market.

The largest of these tokens quickly surged to a $249 million market cap in its early days but has since dropped to $52 million.

Like TST, BROCCOLI benefited from the recent rise of the BNB ecosystem but has since entered a strong correction phase. It is down 40% in the last seven days.

BROCCOLI Price Analysis.
BROCCOLI Price Analysis. Source: TradingView.

If the downtrend continues, BROCCOLI could test support near $0.04, and a break below this level could push it to its lowest price since launch.

However, if the BNB ecosystem and meme coins regain traction, BROCCOLI could benefit, especially given the popularity of dog-related meme coins like Dogecoin and Shiba Inu. In this bullish scenario, BROCCOLI could rise to test the resistance at $0.113.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Rollback Debate Intensifies After Bybit Hack

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The crypto community is divided over calls for an Ethereum blockchain rollback following a massive security breach at Bybit.

On February 21, the exchange lost nearly $1.5 billion in ETH to hackers, sparking discussions about whether Ethereum should intervene to recover the stolen funds.

What is a Blockchain Rollback?

A blockchain rollback, also known as a reorganization, involves reversing confirmed transactions to restore the network to an earlier state.

This process usually happens after a major security breach or exploit. Validators must reach a consensus to discard the affected blocks, effectively erasing the malicious transactions.

Despite its potential benefits, a rollback remains a controversial and rarely used measure due to its impact on a blockchain’s trust and decentralization.

Blockchains operate on the principle of immutability, meaning transactions are expected to be final once confirmed. So, rolling back transactions challenges this principle, raising concerns about the security and reliability of the network.

Crypto Leaders Clash Over Ethereum Rollback Proposal

BitMEX co-founder Arthur Hayes has been vocal in advocating for a rollback to solve the ByBit hack. He pointed to the 2016 DAO hack, where Ethereum underwent a hard fork to recover stolen funds, as precedent.

Hayes argued that since Ethereum previously compromised on immutability, another intervention should not be off the table.

“My own view as a mega ETH bag holder is ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016,” Hayes said.

JAN3 CEO Samson Mow also supported the rollback, stating it could prevent North Korea from using the stolen funds to fund its nuclear weapons program.

However, not everyone agrees. Pseudonymous crypto trader Borovik strongly opposed the idea, arguing that a rollback would jeopardize Ethereum’s credibility and neutrality.

Bitcoin advocate Jimmy Song also dismissed the possibility, stating that the Bybit hack cannot be compared to the 2016 DAO exploit. Song emphasized that the DAO hack allowed for a 30-day intervention, whereas the Bybit attack is already finalized, making a rollback impractical.

“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” Song added.

Meanwhile, Ethereum supporter Adriano Feria introduced an alternative perspective. He argued that Bybit could have avoided this situation by using a Layer 2 (L2) solution with conditional reversible transactions.

According to Feria, blockchain technology needs some form of reversibility to ensure real-world adoption.

“Whether through social recovery or another pre-determined, immutable, and transparent decision-making process, real-world mass adoption will not work without reversible transactions. Without this capability, transactional activity will inevitably gravitate toward TradFi systems that already provide it,” Feria stated.

This debate raises a fundamental question for Ethereum: should it prioritize immutability or intervene in extreme cases?

While some see a rollback as a necessary response to an unprecedented loss, others fear it could undermine the core principles of decentralization. Ethereum’s next steps will likely shape its long-term credibility and trust within the crypto space.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Berachain (BERA) Falls 15% After Recent Rally Surge

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Berachain (BERA) is down almost 15% in the last 24 hours, with its market cap now at $778 million, although its price remains up nearly 20% over the past seven days. This sharp pullback comes after a strong rally between February 18 and February 20, when BERA reached levels above $8.5.

BERA’s Relative Strength Index (RSI) has dropped from overbought levels, signaling a loss of bullish momentum, while its Directional Movement Index (DMI) shows growing bearish pressure. As BERA navigates this correction phase, it faces key support at $6.1, with potential resistance levels at $8.5, $9.1, and $10 if bullish momentum returns.

BERA RSI Is Dropping Steadily After Touching Overbought Levels

Berachain Relative Strength Index (RSI) is currently at 50.6, down sharply from 86.7 just two days ago when its price surged above $8.5. RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.

It is commonly used to identify overbought or oversold conditions, with values above 70 indicating overbought levels and below 30 suggesting oversold territory.

The steep decline in BERA’s RSI reflects a significant loss of bullish momentum after reaching overbought levels above 86, where a correction was likely.

BERA RSI.
BERA RSI. Source: TradingView.

With RSI now at 50.6, BERA is in a neutral zone, suggesting that buying and selling pressures are relatively balanced.

This could indicate a period of consolidation as the market digests recent gains. If RSI continues to decline below 50, it could signal increasing bearish momentum. This could lead to a further price drop for BERA.

Conversely, if RSI stabilizes and begins to rise, it could suggest renewed buying interest and a potential recovery in Berachain price.

BERA DMI Chart Shows Buyers Are Losing Control

Berachain Directional Movement Index (DMI) chart shows its Average Directional Index (ADX) currently at 50.5, after peaking at 60.2 yesterday, up from just 13.3 five days ago. ADX is an indicator used to measure the strength of a trend, regardless of its direction, ranging from 0 to 100.

Values above 25 typically indicate a strong trend, while values below 20 suggest a weak or sideways market. The sharp rise in ADX reflects a significant increase in trend strength, confirming that BERA has been experiencing strong directional movement recently.

BERA DMI.
BERA CMF. Source: TradingView.

Meanwhile, BERA’s +DI is at 24.4, down from 48.4 two days ago, indicating weakening bullish momentum. Meanwhile, -DI has risen to 15.1 from 4.9, suggesting growing bearish pressure.

This shift signals that the bullish trend that drove prices higher is losing steam, and selling interest is beginning to increase.

If -DI continues to rise above +DI, it could indicate a bearish crossover, signaling a potential reversal or deeper correction in BERA’s price. However, if +DI stabilizes and moves upward again, it could suggest a continuation of the uptrend, albeit with reduced momentum.

Will Berachain Fall Below $6 Soon?

Berachain surged 53% between February 18 and February 20, pushing its price above $8.5 after the coin struggled following its airdrop. However, after this sharp rally, BERA entered a correction phase and is currently down almost 15% in the last 24 hours.

This pullback suggests profit-taking and a shift in market sentiment as buyers hesitate to push prices higher. If the downtrend continues, BERA could soon test the support at $6.1, and a break below this level could lead to a further decline towards $5.48, reflecting increased selling pressure.

BERA Price Analysis.
BERA Price Analysis. Source: TradingView.

On the other hand, if Berachain can regain its bullish momentum from a few days ago, it could rise above $8.5 again, potentially testing the next resistance levels at $9.1 or even $10.

To confirm this bullish scenario, Berachain would need to see renewed buying interest and strong upward momentum. If buyers can defend key support levels and push the price above resistance zones, it could indicate the continuation of the uptrend.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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