dYdX 概述：領先的去中心化交易所 (DEX) 的完整指南

本文提供了 dYdx 的完整概述，涵蓋它是什麼、它是如何演變的、它是如何運作的、為什麼它不同（以及更好）、未來的發展等等。

dYdX is a decentralized cryptocurrency exchange (DEX) that offers perpetual futures contracts for various cryptocurrencies. It was founded in 2017 by Antonio Juliano, a former Coinbase engineer, with the aim of creating a non-custodial and on-chain solution for perps trading in crypto.

dYdX 是一家去中心化加密貨幣交易所（DEX），為各種加密貨幣提供永續期貨合約。它由前 Coinbase 工程師 Antonio Juliano 於 2017 年創立，旨在為加密貨幣交易創建非託管的鏈上解決方案。

dYdX initially launched its exchange on the Ethereum blockchain, but later shifted to its own Layer-1 (L1) chain, known as dYdX Chain, which is optimized for high-frequency spot and derivatives trading and offers sub-one percent or even zero percent trading fees.

dYdX 最初在以太坊區塊鏈上推出其交易所，但後來轉移到自己的第1 層(L1) 鏈，稱為dYdX Chain，該鏈針對高頻現貨和衍生品交易進行了優化，並提供低於百分之一甚至零的交易交易費用。

The exchange was initially deployed on Ethereum, but as it gained traction, especially with dYdX subsidizing users' gas fees, continuing on Ethereum became unsustainable. So in 2021, dYdX deployed its v3 iteration on the Ethereum Layer-2 (L2), Starkware.

該交易所最初部署在以太坊上，但隨著它的吸引力越來越大，特別是 dYdX 補貼用戶的汽油費，繼續在以太坊上運作變得不可持續。因此，在 2021 年，dYdX 在以太坊第 2 層 (L2) Starkware 上部署了 v3 迭代。

However, for v4, the project built its independent L1, i.e. dYdX Chain, leveraging the Cosmos SDK. This marked a key milestone in the project’s journey towards full decentralization. Unlike previous iterations, every component of the dYdX v4 protocol is deployed on-chain.

然而，對於 v4，該專案利用 Cosmos SDK 構建了獨立的 L1，即 dYdX Chain。這標誌著該項目邁向完全去中心化之旅的一個重要里程碑。與先前的迭代不同，dYdX v4 協定的每個元件都部署在鏈上。

Currently, the dYdX Chain powers the entire dYdX ecosystem, including the DEX, core validator nodes, indexer, and clients. It’s a fully open-source and permissionless environment where anyone can build or verify.

目前，dYdX Chain 為整個 dYdX 生態系統提供動力，包括 DEX、核心驗證器節點、索引器和用戶端。這是一個完全開源且無需許可的環境，任何人都可以建立或驗證。

How Does dYdX Work?

dYdX 如何運作？

One of the key innovations included in v4 is the off-chain yet decentralized orderbook and matching process. So when a user initiates an order, it triggers validator activity under the hood.

v4 的關鍵創新之一是鏈下但去中心化的訂單簿和配對流程。因此，當用戶發起訂單時，它會在背景觸發驗證器活動。

Each dYdX validator runs an ‘in-memory orderbook’ that is not committed to the chain’s Tenderment Proof-of-Stake (PoS) consensus mechanism.

每個 dYdX 驗證器都運行一個“內存中的訂單簿”，該訂單簿不致力於鏈的招標權益證明（PoS）共識機制。

However, though the orderbook remains off-chain in this sense, the users’ orders/cancellations propagate through the network as ordinary blockchain transactions. This ensures validator nodes are ultimately in sync, eliminating manipulation or foul play.

然而，儘管從這個意義上說訂單簿仍然是鏈外的，但用戶的訂單/取消會像普通的區塊鏈交易一樣透過網路傳播。這確保了驗證者節點最終同步，消除了操縱或犯規行為。

This process helps dYdX achieve very high throughput—100x the number of traders per second—while remaining decentralized.

這個過程幫助 dYdX 實現非常高的吞吐量——每秒交易者數量的 100 倍——同時保持去中心化。

Besides decentralized order processing, another key aspect of dYdX’s functioning is community governance. Since dYdX is a PoS blockchain, $DYDX holders can earn voting rights and rewards by staking their coins to secure the network.

除了去中心化訂單處理之外，dYdX 運作的另一個關鍵面向是社區治理。由於 dYdX 是 PoS 區塊鏈，$DYDX 持有者可以透過質押其代幣來確保網路安全，從而獲得投票權和獎勵。

Simply put, the governance process begins with community members submitting a dYdX Request for Comments (DRC). Once submitted, DRCs are subject to active discussion, followed by multiple voting stages until approval.

簡言之，治理流程從社群成員提交 dYdX 徵求意見（DRC）開始。一旦提交，DRC 將受到積極討論，然後經過多個投票階段直至獲得批准。

dYdX community members can vote on most crucial aspects of the protocol’s future, including platform upgrades, market expansions, fee adjustments, etc. This ensures that the platform’s and the community’s interests are closely aligned, both short-term and long-term.

dYdX 社群成員可以對協議未來最關鍵的方面進行投票，包括平台升級、市場擴張、費用調整等。

What Sets dYdX Apart?

是什麼讓 dYdX 與眾不同？

dYdX stands out in the crypto exchange landscape due to several key attributes:

dYdX 由於以下幾個關鍵屬性而在加密貨幣交易領域脫穎而出：

Decentralized Perpetual Futures Contracts: Aimed at experienced traders seeking to hedge their positions or engage in advanced trading strategies, dYdX offers perpetual futures contracts for over 143 cryptocurrencies, including BTC, ETH, SOL, APT, and SUI, as well as memecoins like DOGE and FOXY.

去中心化永續期貨合約：dYdX 針對尋求對沖頭寸或採用高級交易策略的經驗豐富的交易者，提供超過143 種加密貨幣的永續期貨合約，包括BTC、ETH、SOL、APT 和SUI，以及DOGE和狡猾的。

High Leverage for Margin Trading: Catering to traders seeking to amplify their profits, dYdX provides up to 50x leverage on perps trades, expanding their potential earnings.

保證金交易的高槓桿：為了迎合尋求擴大利潤的交易者，dYdX 為永續交易提供高達 50 倍的槓桿，擴大他們的潛在收益。

Moreover, features like cross-margin accounts and isolated margin sub-accounts cater to traders' needs, enabling them to efficiently navigate volatile markets.

此外，全倉保證金帳戶和逐倉保證金子帳戶等功能滿足了交易者的需求，使他們能夠有效駕馭波動的市場。

Fast and Seamless CEX-Like Experience: Despite offering decentralized trading, dYdX prioritizes user experience, providing a fast and seamless interface that mirrors centralized exchanges (CEXs).

快速、無縫的類 CEX 體驗：儘管提供去中心化交易，dYdX 仍優先考慮使用者體驗，提供反映中心化交易所 (CEX) 的快速、無縫介面。

This caters to traders accustomed to CEX platforms, offering a familiar and efficient environment for their trades.

這迎合了習慣 CEX 平台的交易者，為他們的交易提供了一個熟悉且高效的環境。

Self-Custody with Decentralized Exchange: Unlike CEXs, which hold traders' assets, dYdX emphasizes self-custody, enabling traders to retain complete control over their funds throughout the trading process.

去中心化交易所的自我託管：與持有交易者資產的 CEX 不同，dYdX 強調自我託管，使交易者能夠在整個交易過程中保留對其資金的完全控制。

Moreover, the exchange's open-source code and API structure foster innovation, inviting developers to build on top of the platform.

此外，該交易所的開源程式碼和 API 結構促進了創新，邀請開發人員在平台之上進行建置。