Connect with us

Blockchain

Demystifying DeFi: What is dYdX & How Can You Make Money With It?

The DeFi market offers an increasingly growing number of internet-native financial products and services that anyone with an Internet connection and a digital asset wallet can access.

The post Demystifying DeFi: What is dYdX & How Can You Make Money With It? appeared first on Bitcoin Market Journal.

Published

on

DYDX logo.

The DeFi market offers an increasingly growing number of internet-native financial products and services that anyone with an Internet connection and a digital asset wallet can access. One of the most popular of these new decentralized financial protocols is the derivatives trading platform, dYdX.

In this guide, you will learn about dYdX and how you can potentially make money using this DeFi app.

What is dYdX Exchange?

dYdX is an Ethereum-powered decentralized trading platform that is backed by some major names in the digital asset space.

Initially allowing traders to trade ETH spot, with margin, and via perpetual futures on-chain, the team behind the protocol has recently added trading perpetuals on Starkware, a layer 2 solution. With layer 2 solutions offering lower gas costs, traders can enjoy lower trading fees and minimum position sizes.

Moreover, dYdX allows DeFi investors to earn interest on their digital assets by lending them to traders on the platform.

Getting Started on dYdX Exchange

dYdX has multiple opportunities in this guide we will step you through each one.

Get started screen.

To access any of these options you will first need to connect your wallet.

Connect your wallet screen.

You will then need to generate your stark key to interact with the platform.

Generate stark key screen.

You will then need to agree to their terms and conditions. If you click ‘I agree,’ you will then be able to create your account.

Create account screen.

How to trade Perpetual Contracts

A perpetual contract is a futures contract without an expiry date. Like on most exchanges, you can place a market or limit order on dYdY and either sell or buy a position.

However, just because they offer leverage doesn’t mean you have to use it. If you are new to trading digital assets using leverage could be a very quick education in how volatile this market can be. If you’ve been trading long enough to have experienced large moves in the market both up and down you would know that a little bit of leverage goes a long way.

Market screen.

How to Spot Trade on dYdX

Trading spot on dYdX allows you to buy or sell without the risk of leverage or margin. You are buying or selling the digital asset at the current price if entering a market order. If entering a limit order you can set your optimal price and then wait and see if the market reaches your price and fills your order.

Buy screen.

How to Margin Trade on dYdX

As you can see between the above and below screenshots trading with margin on dYdX is a little more involved. Rather than just holding the digital asset and riding out the price movements you need to factor into your trade calculation the liquidation price and interest rate you will pay to margin trade.

Long screen.

How to Earn Interest on dYdX

Earning interest on dYdX is as simple as depositing funds. Why? Because your balance is always earning interest.

The interest rate is always changing depending on market demand. The more borrowers there are the higher the rate, the more lenders the lower the rate.  The interest is paid continually with no lock-up period on your funds.

Current annualized rate.

You can expect to receive higher APYs than you would on a savings account at your local bank.

The future of dYdX

With some major names backing dYdX the development of the opportunities on the decentralized exchange should be one to watch in the years ahead. Until then, we hope this overview of the money-making opportunities on dYdX has helped inform you of the current possibilities.

Further reading:

If you want to stay up-to-date with the latest trends in the digital asset markets, subscribe to the Bitcoin Market Journal newsletter.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.bitcoinmarketjournal.com/what-is-dydx/

Blockchain

Insights Into the World-Changing Potential of On-Chain Gaming

Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness. What is Decentralized Gambling? Decentralized gambling takes control away from centralized organizations …

Published

on

Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness.

What is Decentralized Gambling?

Decentralized gambling takes control away from centralized organizations which typically operate gambling sites. This design model opens the doors to player-centric mechanisms, one of which provable fairness. 

Insights Into the World-Changing Potential of On-Chain Gaming

All payouts and bets are verifiable with all transactions recorded on-chain, thereby leaving platforms with no choice but to acknowledge all activities carried out by players. With this model, no longer can casinos mess with the outcome of wagers or insist that a specific winning bet was never played. 

Decentralized gaming and gambling can also include the notion of community governance and utility tokens. With tokens available to the community, players have a stake in the platform, potentially reducing their house edge, being subject to rewards, earning a share of revenue, and providing a genuinely decentralized business model where no single party controls the mechanics of the site.

Insights Into the World-Changing Potential of On-Chain Gaming

Why Are Traditional Online Casinos Unfair?

Even if land-based casinos are well regulated, and the house edge is discernible, online casinos pose enormous risks to players. Online casinos have been widely reported to alter their software to issue false outcomes. Whether it is second dealing, rigged games or faulty slots, players are often at the mercy of unscrupulous operators or buggy software.

Many are operated by criminal organizations out of less-regulated jurisdictions and can be difficult to track down in the event of a non-payment of winnings. Online casinos have a well-earned reputation for engaging in fraud and theft, usually in the form of (unrevealed) unfair odds and rigging.

Online gambling is a $45 billion a year industry, and despite a sheer yearly growth, it lacks oversight whilst harboring unfair practices. Thankfully, on-chain gambling models can resolve all of those problems by providing a transparent and immutable record of every action taken on the casino. Thanks to its many user-centric benefits, decentralized gambling has become a buzzword despite many casinos not being fully decentralized, fair, or governed by smart contracts. 

Untapped Market Opportunity

After conducting careful studies of the current market, CryptoPunt was launched in hopes of resolving all paints generally associated with online gambling. All the games and the casino are fully decentralized, with completely auditable smart contracts. As such, all bets are recorded on-chain via the Polygon Matic ecosystem, the layer 2 Ethereum scaling solution, which also drastically reduces transaction costs for players.

Access to CryptoPunt will be via a standard web3-enabled Ethereum wallet like MetaMask, meaning that CryptoPunt provides a non-custodial payment policy, so users retain control over their private keys, with funds never moving in the absence of authorization. This model also ensures that there is no risk of delayed or denied withdrawals since wagering happens directly via a user’s web3 wallet – consequently, there are no deposit or withdrawal buttons. 

The first games to be launched will be Blackjack, Jackpot, and Coinflip, with many other entertainment options like Crash to follow. 

A recent look at the MVP of CryptoPunt has shown a beautiful user interface built for and by punters, offering a sleek, fun, and efficient experience. 

Introducing Community Tokens

To further enhance the platform’s decentralized credentials, CryptoPunt will be releasing $PUN, its very own native utility token. $PUN tokens will be issued as rewards to affiliate marketers, with 0.1% of all bets being automatically credited within their wallets. Token holders can also access lower house edges, giving them greater chances of winning, along with access to exclusive promotions and better rates. CryptoPunt has mentioned that it is actively developing the utility of the $PUN token to reward early buyers and create an ever-expanding gambling ecosystem. 

$PUN is the world’s first casino utility tokens to support both ERC-20 and BEP-20 standards and will be listed directly on the PancakeSwap & Uniswap decentralized exchanges. With a listing price of 25 cents, $PUN will hold an initial market cap of $1.2M. 

They are backed by industry heavyweights like VYSYN Capital, CryptoMarvels, Chain Ridge Capital, Insignius Capital, Dutch Crypto Investors, and BMW Capital. It is expected that CryptoPunt will demonstrate that on-chain and fully decentralized gambling is the only rational choice for the industry to not only survive but thrive.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/insights-into-the-world-changing-potential-of-on-chain-gaming/

Continue Reading

Blockchain

Insights Into the World-Changing Potential of On-Chain Gaming

Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness. What is Decentralized Gambling? Decentralized gambling takes control away from centralized organizations …

Published

on

Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness.

What is Decentralized Gambling?

Decentralized gambling takes control away from centralized organizations which typically operate gambling sites. This design model opens the doors to player-centric mechanisms, one of which provable fairness. 

Insights Into the World-Changing Potential of On-Chain Gaming

All payouts and bets are verifiable with all transactions recorded on-chain, thereby leaving platforms with no choice but to acknowledge all activities carried out by players. With this model, no longer can casinos mess with the outcome of wagers or insist that a specific winning bet was never played. 

Decentralized gaming and gambling can also include the notion of community governance and utility tokens. With tokens available to the community, players have a stake in the platform, potentially reducing their house edge, being subject to rewards, earning a share of revenue, and providing a genuinely decentralized business model where no single party controls the mechanics of the site.

Insights Into the World-Changing Potential of On-Chain Gaming

Why Are Traditional Online Casinos Unfair?

Even if land-based casinos are well regulated, and the house edge is discernible, online casinos pose enormous risks to players. Online casinos have been widely reported to alter their software to issue false outcomes. Whether it is second dealing, rigged games or faulty slots, players are often at the mercy of unscrupulous operators or buggy software.

Many are operated by criminal organizations out of less-regulated jurisdictions and can be difficult to track down in the event of a non-payment of winnings. Online casinos have a well-earned reputation for engaging in fraud and theft, usually in the form of (unrevealed) unfair odds and rigging.

Online gambling is a $45 billion a year industry, and despite a sheer yearly growth, it lacks oversight whilst harboring unfair practices. Thankfully, on-chain gambling models can resolve all of those problems by providing a transparent and immutable record of every action taken on the casino. Thanks to its many user-centric benefits, decentralized gambling has become a buzzword despite many casinos not being fully decentralized, fair, or governed by smart contracts. 

Untapped Market Opportunity

After conducting careful studies of the current market, CryptoPunt was launched in hopes of resolving all paints generally associated with online gambling. All the games and the casino are fully decentralized, with completely auditable smart contracts. As such, all bets are recorded on-chain via the Polygon Matic ecosystem, the layer 2 Ethereum scaling solution, which also drastically reduces transaction costs for players.

Access to CryptoPunt will be via a standard web3-enabled Ethereum wallet like MetaMask, meaning that CryptoPunt provides a non-custodial payment policy, so users retain control over their private keys, with funds never moving in the absence of authorization. This model also ensures that there is no risk of delayed or denied withdrawals since wagering happens directly via a user’s web3 wallet – consequently, there are no deposit or withdrawal buttons. 

The first games to be launched will be Blackjack, Jackpot, and Coinflip, with many other entertainment options like Crash to follow. 

A recent look at the MVP of CryptoPunt has shown a beautiful user interface built for and by punters, offering a sleek, fun, and efficient experience. 

Introducing Community Tokens

To further enhance the platform’s decentralized credentials, CryptoPunt will be releasing $PUN, its very own native utility token. $PUN tokens will be issued as rewards to affiliate marketers, with 0.1% of all bets being automatically credited within their wallets. Token holders can also access lower house edges, giving them greater chances of winning, along with access to exclusive promotions and better rates. CryptoPunt has mentioned that it is actively developing the utility of the $PUN token to reward early buyers and create an ever-expanding gambling ecosystem. 

$PUN is the world’s first casino utility tokens to support both ERC-20 and BEP-20 standards and will be listed directly on the PancakeSwap & Uniswap decentralized exchanges. With a listing price of 25 cents, $PUN will hold an initial market cap of $1.2M. 

They are backed by industry heavyweights like VYSYN Capital, CryptoMarvels, Chain Ridge Capital, Insignius Capital, Dutch Crypto Investors, and BMW Capital. It is expected that CryptoPunt will demonstrate that on-chain and fully decentralized gambling is the only rational choice for the industry to not only survive but thrive.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/insights-into-the-world-changing-potential-of-on-chain-gaming/

Continue Reading

Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

Published

on

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

Continue Reading

Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

Published

on

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

Continue Reading
Blockchain30 mins ago

Insights Into the World-Changing Potential of On-Chain Gaming

Blockchain30 mins ago

Insights Into the World-Changing Potential of On-Chain Gaming

Blockchain41 mins ago

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Blockchain41 mins ago

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Blockchain46 mins ago

MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin

Blockchain46 mins ago

MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin

Blockchain52 mins ago

Crypto Analyst Lark Davis Reveals His Current Portfolio Allocation (15 June 2021)

Blockchain52 mins ago

Crypto Analyst Lark Davis Reveals His Current Portfolio Allocation (15 June 2021)

Fintech1 hour ago

BGL releases investment portfolio solution Simple Invest 360

Aviation1 hour ago

GE Aviation And Safran To Develop Engines For Next Gen Passenger Aircraft

Blockchain1 hour ago

Bitcoin (BTC) Surges Past $40,000 Resistance With High Exchange Outflow, $50,000 Next In Sight

Blockchain1 hour ago

Bitcoin (BTC) Surges Past $40,000 Resistance With High Exchange Outflow, $50,000 Next In Sight

HRTech2 hours ago

GE Power elevates Pramath Nath to CHRO – APAC & Japan, Steam Power

Start Ups2 hours ago

UK-based Yellowpop lands €3.2 million to expand its LED neon sign tech and home brand

Start Ups2 hours ago

UK-based Yellowpop lands €3.2 million to expand its LED neon sign tech and home brand

Big Data2 hours ago

Crypto sees second week of outflows; ether posts record outflows – CoinShares

Blockchain2 hours ago

$1.3M worth of BTC donated to Bitcoin-hodling charity in less than 3 weeks

Blockchain2 hours ago

$1.3M worth of BTC donated to Bitcoin-hodling charity in less than 3 weeks

Blockchain2 hours ago

Kwenta DeFi Exchange Strives for Independence With New Token

Blockchain2 hours ago

Kwenta DeFi Exchange Strives for Independence With New Token

Blockchain2 hours ago

Kwenta DeFi Exchange Strives for Independence With New Token

Aviation2 hours ago

American Airlines Marks 40 Years At Dallas Fort Worth Hub

Blockchain2 hours ago

Major DeFi Tokens on the Rise as Bitcoin Breaches Above $40000

Blockchain2 hours ago

American hedge fund manager Tudor Jones says he likes bitcoin as a portfolio diversifier.

Blockchain2 hours ago

Kazakhstan Could Soon Introduce A Tax On Crypto Mining Operations

Blockchain2 hours ago

Elon Musk Confirms Tesla Is Not Selling All of Its Bitcoin, Hints at Potentially Resuming Transactions

Blockchain2 hours ago

Elon Musk Confirms Tesla Is Not Selling All of Its Bitcoin, Hints at Potentially Resuming Transactions

Blockchain2 hours ago

Elon Musk Confirms Tesla Is Not Selling All of Its Bitcoin, Hints at Potentially Resuming Transactions

Cyber Security2 hours ago

How To Remove A Hacker From My Phone- Tips And Tricks To Follow

Cyber Security2 hours ago

How To Remove A Hacker From My Phone- Tips And Tricks To Follow

Trending