dYdX, a defi exchange, raises $65 million in its Series C fundraising.

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The dYdX platform enables users to trade perpetual contracts with exposure to multiple crypto markets. It claims to have created the quickest decentralised exchange using layer-two technologies.

Venture firms from across the blockchain industry have backed decentralised exchange developer dYdX, indicating that investors are aiming to extend the decentralised finance (DeFi) ecosystem.

The Series C round raised $65 million in direct investment for dYdX, led by venture firm Paradigm. HaskKey, Electric Capital, Delphi Digital, and others also took part in the funding round.

Kronos Research, MGNR, Menai Financial Group, QCP Capital, CMS Holdings, CMT Digital, Sixtant, and Finlink Capital also provided direct support to the exchange.

Polychain Capital, Three Arrows Capital, and Wintermute are among the previous investors.

Evgeny Gaevoy, CEO of Wintermute, praised dYdX as a pioneer in layer-two DEX systems, 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 rise of dYdX represents the widespread expansion of decentralised finance during the bull market of 2020–2021. Over the last five months, the business has produced more than $2.2 billion in trading volumes from over 11,000 different traders. Its total locked value surpassed $40 million across over 13,000 distinct locations.

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Due to the continuous selling pressure on Bitcoin (BTC) and other cryptocurrencies, the DeFi market has witnessed a wide cooling in recent months. According to industry statistics, the DeFi market peaked in mid-May before seeing a significant correction. The entire value locked in the ecosystem is currently $127.2 billion, or around 20% less than last month’s high.

 

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