DYDX is the native token of the decentralized exchange (DEX) **dYdX**, built on Ethereum. The platform primarily focuses on **perpetual contracts**, enabling traders to speculate on asset prices without actually owning them. dYdX is known for offering a decentralized and non-custodial trading experience with a wide range of assets. The DYDX token is used for **governance**, allowing holders to participate in decision-making for protocol upgrades. It also provides **rewards** for users through staking and liquidity mining, and helps to reduce trading fees on the platform.

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Interesting to see dYdX's perpetual contracts gaining traction. The token's governance role and staking/rewards model are huge attractions for long-term holders.