Speaking about this raise, Antonio Juliano, Founder, dYdX, said:
“It is a raise that’s coming pretty soon after the previous one. The reason for this is we just see a huge opportunity in crypto derivatives and especially the way that decentralized derivatives can play into the market.
We want to make dYdX one of the biggest crypto exchanges period, but on a three to five-year time horizon.
Our goal really is to get to a point where we’re only publishing open-source code and all of dYdX is run natively on the blockchain, and the blockchain is available to more people in more places in the world,”
– Founder, dYdX
LOCALBITCOINS UPCOMING WEBINAR – JUNE 19, 2021
dYdX is one of the fastest growing DEXs in the DeFi space. Below are some stats about the exchange:
Launched in October 2018
In 2020, cumulative trading volumes across perpetual, margin, and spot trading on dYdX reached $2.5 billion up from just $63 million 2019
By February 2021, the protocol had surpassed $3.5 billion in total trading volume
dYdX launched Layer 2 protocol for cross-margined perpetual contracts in February 2021 enabling zero gas fees, lower trading fees, and reduced minimum trade sizes for its users
By May 2021, the Layer 2 protocol had supported over $2.2 billion in volumes form over 11, 000 traders
Currently, the dYDx feature set include:
Up to 25x leverage on Layer 2 perpetuals
Borrowong on Layer 1 directly to your wallet for ETH, DAI, and USDC
Minimum starting account collateralization of 125%, which must be maintained above 115% to prevent liquidation
No minimum loan period
No waiting period for matching
Spot trading + Margin trading with up to 5x initial leverage (Pairs offered: ETH-DAI, ETH-USDC, and DAI-USDC)
dYdX is a leading decentralized exchange that currently supports perpetual, margin trading, and spot trading, as well as lending, and borrowing. dYdX runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries.