Defi Derivatives Exchange Dydx Raises $65 Million
The decentralized exchange (dex) Dydx introduced the group has raised $65 million in a Series C funding spherical led by Paradigm. The Dydx announcement notes that the extra capital will likely be leveraged to “significantly improve liquidity” on the dex platform “through the volatility of the cryptocurrency markets.”
Defi Exchange Dydx Raises $65 million from Strategic Investors
On Tuesday, the Ethereum-based decentralized finance (defi) exchange Dydx revealed the challenge has raised $65 million in a Series C funding spherical. The spherical was led by Paradigm however funding additionally stemmed from a16z, Three Arrows Capital, Polychain Capital, and Wintermute. Liquidity suppliers and crypto VCs like Hashkey, Electric Capital, Delphi Digital, Sixtant, Menai Financial Group, MGNR, and Kronos Research additionally participated.
In the announcement, Dydx additionally mentioned the dex companion Starkware and the way the 2 launched a Layer 2 protocol again in February for cross-margined perpetuals. This was resulting from a mix of the Starkex scalability engine and Dydx’s perpetual good contracts. Dydx stated that in 5 months, the dex obtained $40 million in Total Value Locked (TVL) from greater than 13K distinctive addresses. The challenge launched 15 markets and the announcement says extra will likely be “coming soon.”
Top Ten Dex Platform Holds $188 Million TVL
Today’s knowledge exhibits Dydx is among the prime ten dex platforms in response to Dune Analytics statistics. On Tuesday, the dex held the ninth place with $49,537,567 in weekly quantity and $6.5 million over the last 24 hours. On Monday, Dydx had round $9 million value of defi swaps.
It holds lower than 2% of the market share of $16 billion in world dex swaps as Uniswap instructions 63% and Sushiswap captures 11.5%. Besides considerably enhance liquidity, Dydx says the challenge goals to make the most of the extra capital to:
- Decentralize the protocol
- Rapidly add new belongings and options to the perpetuals contracts
- Launch a cell utility
- Partner with infrastructure gamers bridging the hole between centralized and decentralized finance
- Strategically spend money on worldwide progress markets resembling Asia
- Continue to rent world-class engineers, designers, and enterprise operators
During the Series B funding spherical on the finish of January, Dydx raised $10 million from Three Arrows, Defiance Capital, Andreessen Horowitz (a16z) and Polychain Capital. Today, in response to defipulse.com stats, Dydx has a TVL of round $188 million and holds the twenty eighth place amongst different dominant defi platforms.
Fred Ehrsam, the cofounder and managing companion at Paradigm talked fondly of Dydx founder Antonio Juliano and stated that the dex platform was cherished by its customers. “[Dydx] has built a simple, crypto native, and global exchange that users love. We’ve known Antonio since he left Coinbase years ago. He’s built a great team around him to support the company’s growth and future potential,” Ehrsam stated on Tuesday.
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