Enjin (ENJ) Goes Live on dYdX with up to 10x Leverage

Decentralized exchange dYdX has announced the listing of Enjin (ENJ), according to a recent blog post. The ENJ-USD Perpetual Contract market is now live, allowing eligible traders outside of the United States to trade ENJ with up to 10x leverage, cross margining, and zero gas fees. This listing marks the 29th addition to dYdX's Layer 2 product.

Trading Details

The ENJ-USD contract on dYdX has several specifications including an underlying market of ENJ, a margin and settlement asset of $USDC, and a tick size of $0.001 USD. The minimum order size is set at 10 ENJ with a quantity step of 1.00 ENJ. The contract offers a maximum leverage of 10x, with an initial margin requirement of 10.00% and a maintenance margin requirement of 5.00%. It has a perpetual expiry with no expiration date. The mark price for liquidations is given by Chainlink's Layer 2 ENJ-USD price feed.

Further details regarding the contract include fees, funding, contract loss mechanisms, and trading hours. Fees can be found on dYdX's perpetual trade fees page. Funding payments are credited or debited at the start of each hour and are included in the realized PnL for the position. The contract loss mechanism involves deleveraging, and trading hours are 24 x 7 x 365.

About dYdX

dYdX is a leading decentralized exchange, developing open, secure, and powerful financial products. Running on audited smart contracts on Ethereum, it eliminates the need to trust a central exchange while trading. dYdX combines the security and transparency of a decentralized exchange, with the speed and usability of a centralized exchange.

As dYdX continues to expand its market offerings, the platform encourages users to join their community on Discord and Twitter for the most recent updates. To learn more about their listing process, users are directed to the dYdX Forums.