dYdX 概述：领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，涵盖它是什么、它是如何演变的、它是如何工作的、为什么它不同（以及更好）、未来的发展等等。

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货币交易所（DEX），为各种加密货币提供永续期货合约。它由前 Coinbase 工程师 Antonio Juliano 于 2017 年创立，旨在为加密货币交易创建非托管的链上解决方案。

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 最初在以太坊区块链上推出其交易所，但后来转移到自己的第 1 层 (L1) 链，称为 dYdX Chain，该链针对高频现货和衍生品交易进行了优化，并提供低于百分之一甚至零的交易交易费用。

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.

该交易所最初部署在以太坊上，但随着它的吸引力越来越大，特别是 dYdX 补贴用户的汽油费，继续在以太坊上运行变得不可持续。因此，在 2021 年，dYdX 在以太坊第 2 层 (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，对于 v4，该项目利用 Cosmos SDK 构建了独立的 L1，即 dYdX Chain。这标志着该项目迈向完全去中心化之旅的一个重要里程碑。与之前的迭代不同，dYdX v4 协议的每个组件都部署在链上。

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 为整个 dYdX 生态系统提供动力，包括 DEX、核心验证器节点、索引器和客户端。这是一个完全开源且无需许可的环境，任何人都可以构建或验证。

How Does dYdX Work?

dYdX 如何运作？

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 的关键创新之一是链下但去中心化的订单簿和匹配流程。因此，当用户发起订单时，它会在后台触发验证器活动。

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

每个 dYdX 验证器都运行一个“内存中的订单簿”，该订单簿不致力于链的招标权益证明（PoS）共识机制。

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，尽管从这个意义上说订单簿仍然是链外的，但用户的订单/取消会像普通的区块链交易一样通过网络传播。这确保了验证者节点最终同步，消除了操纵或犯规行为。

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

这个过程帮助 dYdX 实现非常高的吞吐量——每秒交易者数量的 100 倍——同时保持去中心化。

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.

除了去中心化订单处理之外，dYdX 运作的另一个关键方面是社区治理。由于 dYdX 是 PoS 区块链，$DYDX 持有者可以通过质押其代币来确保网络安全，从而获得投票权和奖励。

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.

简而言之，治理流程从社区成员提交 dYdX 征求意见（DRC）开始。一旦提交，DRC 将受到积极讨论，然后经过多个投票阶段直至获得批准。

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 社区成员可以对协议未来最关键的方面进行投票，包括平台升级、市场扩张、费用调整等。这确保了平台和社区的短期和长期利益紧密结合。

What Sets dYdX Apart?

是什么让 dYdX 与众不同？

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

dYdX 凭借以下几个关键属性在加密货币交易领域脱颖而出：

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.

去中心化永续期货合约：dYdX 针对寻求对冲头寸或采用高级交易策略的经验丰富的交易者，提供超过 143 种加密货币的永续期货合约，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.

保证金交易的高杠杆：为了迎合寻求扩大利润的交易者，dYdX 为永续交易提供高达 50 倍的杠杆，扩大他们的潜在收益。

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

此外，全仓保证金账户和逐仓保证金子账户等功能满足了交易者的需求，使他们能够有效驾驭波动的市场。

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、无缝的类 CEX 体验：尽管提供去中心化交易，dYdX 仍优先考虑用户体验，提供反映中心化交易所 (CEX) 的快速、无缝界面。

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

这迎合了习惯 CEX 平台的交易者，为他们的交易提供了熟悉且高效的环境。

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托管：与持有交易者资产的 CEX 不同，dYdX 强调自我托管，使交易者能够在整个交易过程中保留对其资金的完全控制。

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

此外，该交易所的开源代码和 API 结构促进了创新，邀请开发人员在平台之上进行构建。