DYDX has gained 80% in a week. So, what is driving the DEX token rally? Traders have increased their bids for the decentralized exchange token with a hope that it would benefit from China’s decision to classify all crypto transactions as “illegal.”

Monero Expressed: We’re excited to announce that XMR has been added to dYdX synthetic perpetuals.

DYdX expressed they are excited to share that the Monero (XMR-USD) perpetual contract market is now live. Eligible traders outside of the United States can trade $XMR with up to 10x leverage, cross margining and zero gas fees.

Their goal is to continue to launch new markets with $XMR marking the 25^th addition to their layer 2 product.

Contract Specs: XMR-USD; underlying market: XMR; Margin Settlement asset: USDC; Tick Size: $0.1000 USD; minimum order size: 0.1 XMR. Expiry: Perpetual (no expiration); Maximum leverage: 10x: Initial Margin requirement: 10.00%; Maintenance Margin Requirement: 5.00%; initial Margin Requirement: 10.00%; maintenance margin requirement: 5.00%; Mark price for liquidations: The index price given by Chainlink’s Layer 2 XMR-USD price feed; Funding: Funding payments are credited or debited at the start of each hour, and are included in the realized PnL for the position. The funding premium is scaled so as to have a realization period of 8 hours (8-hour funding rate); contract loss mechanism: Deleveraging, centralized, but verifiable insurance fund is the first backstop before deleveraging.

With dYdX, you remain in full control of your funds at all times. There are no central intermediaries that hold your private keys. Your funds are secured by smart contracts at all times when they are on dYdX.

dYdX is launching Perpetual Contract Markets that enable trading of any non-Ethereum based asset.

DYdX is the native token of decentralized exchange DYDX. Traders have lot of trust about the potential of the token versus China’s recent ban in cryptocurrency transactions.

The China ban worked positively for the dYdX decentralized exchange (DEX) which provides perpetuals, margin and spot trading, and also lending and borrowing services to their users.

Holding DYDX gives the owners a right to propose and vote on the changes related to the dYdX’s layer 2 protocol.

DYDX stakers earn their rewards by depositing to the liquidity staking pools that is DEX related. Users will benefit by getting a discount on trading fees which is based on the size of their DYDX reserves.

The China FUD is continuing to attract new users. Further, DeFi farmers are claiming to have made several hundreds of thousands of dollars by gaming dYdX‘s recent airdrop