dYdX, the leading DEX, recently closed its Series C round led by Paradigm after raising 65 million dollars. The development also gained the exchange of several ties with multiple industry leaders and investors. The platform thanked Three Arrows Capital, a16z, Wintermute, Polychain Capital, and other investors for their support. Moreover, the DEX welcomed serval esteemed names to its ecosystem, like:
- Crypto VCs: Electric Capital, HashKey, Delphi Digital.
- Liquidity Providers (LPs): CMS Holdings, Finlink Capital, QCP Capital, Kronos Research, CMT Digital, Menai Financial group, MGNR.
- Partners: StarkWare
The development marked a crucial milestone for the platform as the capital will help them grow and survive the market. It will also add to their long-term goals while improving the decentralized exchange’s liquidity.
Now the DEX is about to achieve its vision of becoming one of the biggest crypto exchanges on the web with its decentralized and trustless monetary structure for next-gen crypto-financial products. dYdX uses order books to merge non-custodial, on-chain settlements with off-chain, low-latency matching engines. It allows the DEX to deliver a state-of-the-art, low slippage, and liquid trading experience to users.
StarkWare and dYdX launched a Layer-2 protocol back in February 2021 using dYdX’s smart contracts and StarkWare’s scalability engine. The solution facilitated cross-margined perpetual, making for substantial enhancements in the non-custodial trading. Now, users will experience perks like zero gas cost, reduced trade sizes, and minimal trading fees.
The integration has already rendered results like:
- Helped over 11,000 traders to score 2.2 billion dollars in volume.
- Racked over 40 million dollars in TVL (Total Value Locked) from 13,000 different addresses.
- Deployed 15 markets, and more are on the way.
Decentralized perpetual is a big step for adoption while being a natural fit for DeFi. Smart contracts propose reliability and transparency to add a sense of trustworthiness among parties.
Fred Ehrsam (Managing Partner and Co-Founder of Paradigm) stated that dYdX had developed a simple, crypto-based, global exchange cherished by everyone. Evgeny Gaevoy (CEO and Founder of Wintermute) also stated that dYdX is a pioneer at the layer-2 decentralized exchange trading circuit. Its latest collaboration with StarkWare is the prime example of that. The platform offers complete decentralization and non-custodial trading without any drawbacks faced by solutions on layer-1 Ethereum.
Wintermute plans to use the garnered capital to:
- Quickly add new features and assets to the perpetual contracts.
- Add more decentralization to the protocol.
- Develop a mobile app.
- Collaborate with infrastructure players to bridge the gap between decentralized and centralized finance.
- Grow in markets like Asia.
- Hire new talent.
dYdX recently concluded its Series C round conducted by Paradigm after racking up $65M. The DEX also harbored numerous partners, VCs, and LPs to support its future proceedings. Its latest platform is also attracting many users and is expected to help the community in the long term.