Question 1

What is DYDX?

Accepted Answer

DYDX is the native Layer-1 token of the dYdX Chain, primarily used for network security, staking, and community governance. It is not company equity, nor is it a claim promising fixed returns or redemption value. “Native Layer-1 token” means that it serves the operation and governance of the dYdX Chain itself. When understanding the current DYDX, it should be distinguished from the historical ethDYDX on Ethereum: the two were once connected through bridge migration, but bridge support has ended.

Question 2

What is DYDX staking used for?

Accepted Answer

Holders can stake DYDX to active validators to support the proof-of-stake network security of the dYdX Chain. Validators participate in operating the network, and stake weight delegated to validators is connected to their economic security role; holders are not handing tokens over to a simple yield product. Therefore, the primary purpose of staking is to provide security for the network. Whether participation is available, which validator is selected, and the specific rewards and risks depend on the network and validator rules at the time; staking itself does not mean receiving a fixed return.

Question 3

What governance can DYDX holders participate in?

Accepted Answer

DYDX can be used for decentralized governance of the dYdX Chain: the community can participate through proposals and voting in decisions that affect the protocol and community resources. Governance rights mean participating in decisions related to rules and resources, not acquiring company equity, dividends, or fixed redemption rights. This is related to, but different from, staking’s network-security role: staking focuses on providing economic security for the proof-of-stake network; governance focuses on forming community decisions through proposals and voting. Users should confirm whether they can participate based on the eligibility and voting rules for the specific proposal.

Question 4

How was DYDX initially issued and allocated?

Accepted Answer

DYDX’s initial issuance framework was 1 billion tokens, with a five-year gradual availability schedule. The early allocation framework covered categories including the community, investors, the team, and future contributors, showing that initial total supply, allocation vesting, and the amount available at a given time need to be understood separately. Initial issuance is not a permanently unchanged real-time supply statistic. A category being allocated tokens does not mean all of those tokens immediately enter circulation; conversely, subsequent migration and changes in supply-statistics methodology can also make current data differ from the original 1 billion-token framework.

Question 5

Can ethDYDX still be migrated to DYDX?

Accepted Answer

No. The dYdX Chain stopped supporting the ethDYDX bridge in June 2025, and ethDYDX that was not bridged can no longer be converted into DYDX on the dYdX Chain. The boundary of this change is important: the fact that a migration channel existed historically does not mean it remains usable now. The official announcement also warns that sending tokens to the old bridge contract may permanently lock them; therefore, ethDYDX holders should not treat the old bridge address as a still-valid migration entry point.

Question 6

Why can DYDX supply statistics differ from the early issuance amount?

Accepted Answer

After bridge support ended, unbridged ethDYDX is no longer counted in DYDX total-supply and circulating-supply statistics, so current statistics can differ from the early “initial 1 billion tokens” issuance framework. This change does not automatically turn unbridged ethDYDX into DYDX on the dYdX Chain; instead, it changes which assets are included in the current DYDX supply methodology. The dYdX Foundation disclosed an effective total supply of 958,342,745 tokens on June 13, 2025. This figure was the state disclosed on that date, not a constant parameter; when reading supply data, the date, whether it refers to total or circulating supply, and whether it uses the post-bridge-termination methodology should all be confirmed.

Question 7

What should be considered when using or holding DYDX?

Accepted Answer

When holding or using DYDX, network functions, migration status, and market risks should be assessed separately. DYDX can be used for staking and governance, but these functions do not guarantee returns or eliminate token price volatility; selecting validators or participating in governance is also subject to the applicable rules. For historical ethDYDX, the most important operational risk is that the bridge has stopped: it no longer has a path to migrate into current dYdX Chain DYDX, and mistakenly sending it to the old bridge contract may result in permanent locking. For current DYDX, users should confirm that the network and functions they use match their asset version.

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