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 Danny krypt👾 🔶️ [@DanielAgaba20](/creator/twitter/DanielAgaba20) on x 2141 followers
Created: 2025-07-11 21:37:42 UTC
The key characteristic of dYdX you needto understand,
🔸️as a decentralized exchange, is that it does not offer a direct fiat on ramp.
🔸️This means you cannot directly deposit traditional currencies like USD, EUR, or NGN onto the @dYdX platform using a bank transfer, credit card, or other traditional payment methods.
🔸️Why no fiat on ramp?
* Decentralization Principle:
As a DEX, dYdX aims to minimize its reliance on centralized financial institutions and systems.
🔸️Operating a direct fiat on ramp would typically require extensive KYC/AML procedures for fiat deposits, partnerships with banks, and centralized payment processors, which goes against the core ethos of decentralization.
🔸️ Regulatory Complexity: Handling fiat money introduces a significant layer of financial regulation that decentralized protocols often seek to avoid.
🔸️How do users fund their dYdX accounts then?
🔸️Users need to acquire cryptocurrency (typically USDC, as it's the primary collateral asset on dYdX) through a separate centralized service first.
🔸️The typical flow involves:
* Use a Centralized Exchange (CEX): Purchase cryptocurrency (like USDC, ETH, or another crypto that can be swapped for USDC) on a centralized exchange (e.g., Coinbase, Binance, Kraken, Ramp, etc.) that does offer fiat on ramps.
* Withdraw to a Personal Wallet:
🔸️Withdraw the purchased cryptocurrency from the CEX to your personal Web3 wallet (e.g., MetaMask, Ledger, Trust Wallet).
* Deposit to dYdX:
Connect your personal Web3 wallet to dYdX and deposit the crypto (usually USDC) to your dYdX account on the dYdX Chain (or previous Ethereum L2s).
🔸️Implications for Users:
* Extra Step:
It adds an extra step for users who are new to crypto or primarily operate in fiat.
* Not Beginner Friendly:
🔸️This can be less convenient and more complex for absolute beginners compared to CEXs that allow direct fiat deposits and withdrawals.
* Empowerment (Self Custody):
🔸️However, it reinforces the non custodial nature of dYdX, meaning users always maintain control over their funds in their own wallets until they deposit them onto the dYdX trading smart contracts.
So, while dYdX doesn't have a direct fiat on ramp, there are established ways for users to get their funds onto the platform by utilizing other services that bridge the gap between fiat and crypto.
XXX engagements
**Related Topics**
[token](/topic/token)
[$dydx](/topic/$dydx)
[decentralization](/topic/decentralization)
[credit cards](/topic/credit-cards)
[nigerian naira](/topic/nigerian-naira)
[euro](/topic/euro)
[united states dollar](/topic/united-states-dollar)
[currencies](/topic/currencies)
[Post Link](https://x.com/DanielAgaba20/status/1943786805230481786)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Danny krypt👾 🔶️ @DanielAgaba20 on x 2141 followers
Created: 2025-07-11 21:37:42 UTC
The key characteristic of dYdX you needto understand,
🔸️as a decentralized exchange, is that it does not offer a direct fiat on ramp.
🔸️This means you cannot directly deposit traditional currencies like USD, EUR, or NGN onto the @dYdX platform using a bank transfer, credit card, or other traditional payment methods.
🔸️Why no fiat on ramp?
- Decentralization Principle: As a DEX, dYdX aims to minimize its reliance on centralized financial institutions and systems.
🔸️Operating a direct fiat on ramp would typically require extensive KYC/AML procedures for fiat deposits, partnerships with banks, and centralized payment processors, which goes against the core ethos of decentralization.
🔸️ Regulatory Complexity: Handling fiat money introduces a significant layer of financial regulation that decentralized protocols often seek to avoid.
🔸️How do users fund their dYdX accounts then?
🔸️Users need to acquire cryptocurrency (typically USDC, as it's the primary collateral asset on dYdX) through a separate centralized service first.
🔸️The typical flow involves:
Use a Centralized Exchange (CEX): Purchase cryptocurrency (like USDC, ETH, or another crypto that can be swapped for USDC) on a centralized exchange (e.g., Coinbase, Binance, Kraken, Ramp, etc.) that does offer fiat on ramps.
Withdraw to a Personal Wallet:
🔸️Withdraw the purchased cryptocurrency from the CEX to your personal Web3 wallet (e.g., MetaMask, Ledger, Trust Wallet).
- Deposit to dYdX:
Connect your personal Web3 wallet to dYdX and deposit the crypto (usually USDC) to your dYdX account on the dYdX Chain (or previous Ethereum L2s).
🔸️Implications for Users:
Extra Step: It adds an extra step for users who are new to crypto or primarily operate in fiat.
Not Beginner Friendly:
🔸️This can be less convenient and more complex for absolute beginners compared to CEXs that allow direct fiat deposits and withdrawals.
Empowerment (Self Custody):
🔸️However, it reinforces the non custodial nature of dYdX, meaning users always maintain control over their funds in their own wallets until they deposit them onto the dYdX trading smart contracts.
So, while dYdX doesn't have a direct fiat on ramp, there are established ways for users to get their funds onto the platform by utilizing other services that bridge the gap between fiat and crypto.
XXX engagements
Related Topics token $dydx decentralization credit cards nigerian naira euro united states dollar currencies