dYdX is a derivative DEX backed by Coinbase (yes, another one). It is based on StarkWare (Ethereum Layer-2). Ii and is backed by the usual suspects: Coinbase, Andreesen Horowitz, Brian Armstrong, Paradigm, Polychain Capital, ThreeArrowsCap, etc:
It offers perpetuals settled in USCD and as such competes with the likes of Binance, Bitnex, Bybit, etc.
It is registered as a foundation in Switzerland, and most of its staff is in the US. As you can tell, the degree of decentralization of this organization is not extreme and seems to be somewhere between an offshore exchange and a truly decentralized cryptocurrency like Bitcoin. The eyes of the regulators are not on this type of entity yet, as they currently focus on local companies and traditional offshore exchanges such as Binance, but it will be interesting to see how the regulatory environment develops.
DeFi is a spectrum and there are also DEXes being developed based on Monero and similar privacy tech. Stay tuned.
- DyDx https://dydx.exchange/
- Starkware https://starkware.co/our-technology/