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DerivaDAO (DDX) is the 558th largest cryptocurrency in the world by market cap, valued at $20,570,328. The current price of DerivaDAO is $0.3865, which is 6.753% higher than yesterday. Prices have ranged between $0.422142 and $0.340631 over the past 24 hours. All prices are listed in US dollars and accurate as of January 30, 2023 04:01 UTC.
DerivaDEX is a decentralized exchange for crypto derivatives trading on the Ethereum blockchain, and DDX is its utility token. If the past ‘generation’ of crypto trading were first, the centralized exchanges like Coinbase, then second margin trading platforms like Bitfinex, DerivaDEX presents itself as standard-bearer for the third generation, claiming it blends the benefits of decentralization with the user experience of more seasoned centralized platforms.
According to DeFi Rate, the project raised USD$2.7 million in its initial investment round. The trading platform isn’t live yet, but insurance mining and governance apps are. Where does DDX fit into this? Any and all holders are entitled to votes on the course of the project in proportion to their holdings, and they have been able to vote from day one. As the exchange isn’t live yet, DDX tokens are being used as rewards for users who stake stablecoins on DerivaDEX’s platform, which in turn helps the operators grow a liquidity pool for insuring the exchange’s ultimate users’ funds. Some of the terminology can get a bit fuzzy with this project, so for clarity: DerivaDEX is the exchange (or will be), and DerivaDAO is the decentralized autonomous organisation (DAO) that governs it.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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