DeFi exchange dYdX raises $65M in Series C fundraiser
Venture corporations from throughout the blockchain trade have thrown their weight behind decentralized exchange developer dYdX, providing additional proof that buyers are eyeing an extra enlargement of the decentralized finance (DeFi) ecosystem.
The Series C spherical generated $65 million in direct funding for dYdX, with enterprise fund Paradigm main the increase. HaskKey, Electric Capital, Delphi Digital and others additionally participated within the increase.
The exchange additionally acquired direct assist from eight liquidity suppliers, together with Kronos Research, MGNR, Menai Financial Group, QCP Capital, CMS Holdings, CMT Digital, Sixtant and Finlink Capital.
Wintermute CEO Evgeny Gaevoy described dYdX as a pioneer in layer-two DEX solutions, adding:
“It offers decentralization and non-custodial trading of perpetual futures without any of the drawbacks that similar solutions built on layer-1 Ethereum face.”
The growth of dYdX reflects the broad expansion of decentralized finance during the 2020–2021 bull market. Over the past five months, the company has generated over $2.2 billion in trade volumes from over 11,000 unique traders. Its total value locked reached $40 million across more than 13,000 unique addresses.
Related: Sights set on mainstream adoption: Is another DeFi summer on the way?
The DeFi market has experienced a broad cooldown in recent months due to the ongoing selling pressure faced by Bitcoin (BTC) and other cryptocurrencies. Industry data shows that the DeFi market peaked in mid-May earlier than present process a broad correction. The complete worth locked within the ecosystem is now $127.2 billion, which is round 20% beneath final month’s peak.