16 Jun Defi Derivatives Exchange Dydx Raises US $ 65 Million: Project Plans “Launch of a Mobile App”
The decentralized exchange (dex) Dydx declared the organization has raised $65 million during a Series C funding spherical junction rectifier by Paradigm. The Dydx announcement notes that the extra capital are going to be leveraged to “significantly improve liquidity” on the dex platform “through the volatility of the cryptocurrency markets.” Defi Raises US $ 65 Million
Defi Exchange Dydx Raises $65 million from Strategic Investors On Tuesday, the Ethereum-based decentralized finance (defi) exchange Dydx disclosed the project has raised $65 million in a Series C funding round. The round was led by Paradigm however funding conjointly stemmed from a16z, 3 Arrows Capital, Polychain Capital, and Wintermute. Liquidity suppliers and crypto VCs like Hashkey, electrical Capital, urban center Digital, Sixtant, Menai monetary Group, MGNR, and Kronos analysis conjointly participated.
within the announcement, Dydx also mentioned the dex partner Starkware and the way a pair of} launched a Layer 2 protocol back in Feb for cross-margined perpetuals. This was thanks to a mix of the Starkex measurability engine and Dydx’s perpetual sensible contracts. Dydx aforesaid that in 5 months, the dex obtained $40 million in Total price latched (TVL) from over 13K distinctive addresses. The project launched fifteen markets and therefore the announcement says additional are going to be “coming soon.”
prime 10 Dex Platform Holds $188 Million TVL Today’s knowledge shows Dydx is one in all the highest ten dex platforms consistent with ridge Analytics statistics. On Tuesday, the dex command the ninth position with $49,537,567 in weekly volume and $6.5 million throughout the last twenty four hours. On Monday, Dydx had around $9 million value of defi swaps.
Defi Raises US $ 65 Million
It holds under 2% of the market share of $16 billion in world dex swaps as Uniswap commands 63% and Sushiswap captures 11.5%. Besides considerably improve liquidity, Dydx says the project aims to utilize the extra capital to:
deconcentrate the protocol
quickly add new assets and options to the perpetuals contracts
Launch a mobile application
Partner with infrastructure players bridging the gap between centralized and decentralized finance
Strategically invest in international growth markets cherish Asia
still rent best engineers, designers, and business operators
throughout the Series B funding spherical at the tip of January, Dydx raised $10 million from 3 Arrows, Defiance Capital, Andreessen Horowitz (a16z) and Polychain Capital. Today, consistent with defipulse stats, Dydx encompasses a TVL of around $188 million and holds the twenty eighth position among alternative dominant defi platforms.
Fred Ehrsam, the founding father and managing partner at Paradigm talked lovingly of Dydx founder Antonio Juliano and aforesaid that the dex platform was wanted by its users. “[Dydx] has designed a simple, crypto native, and world exchange that users love. We’ve identified Antonio since he left years ago. He’s built an excellent team around him to support the company’s growth and future potential,” Ehrsam said on Tuesday.
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