Founded in 2017, dYdX is a decentralized exchange on the Ethereum Network. While users can trade crypto assets in the spot market on dYdX, the exchange focuses on providing exposure to advanced crypto products like perpetual and margin trading in addition to borrowing and lending.  In 2021, dYdX Launched a layer 2 protocol based on StarkWare's zero-knowledge rollups to scale up trading. In 2022, the DEX also announced plans to launch its own independent blockchain based on the Cosmos SDK.