Article from dYdX Official
We are pleased to announce that dYdX has closed a $65 million Series C round of funding led by Paradigm.
We also welcomed a number of new top strategic investors, including.
● Liquidity providers: QCP Capital, CMS Holdings, CMT Digital, Finlink Capital, Sixtant, Menai Financial Group, MGNR, and Kronos Research
● Crypto Ventures: HashKey, Electric Capital, Delphi Digital
● Partners: StarkWare
In addition, we are grateful for the continued support of our existing investors, including a16z, Polychain Capital, Three Arrows Capital, Wintermute, and others who also participated in this round of funding.
This is an important milestone for the dYdX team. The additional funding allows us to maintain our long-term focus and significantly increase the liquidity of the dYdX exchange, regardless of the volatility of the cryptocurrency market.
By providing a trust-free decentralized financial infrastructure, we are one step closer to achieving our vision of becoming one of the largest cryptocurrency exchanges. Our decentralized exchange now combines a non-custodial, on-chain settlement with an off-chain, low-latency aggregation engine. This allows us to provide the DeFi world with an institutional-grade, liquid and low-slippage trading experience. Our products enable counterparties to better manage risk, allocate capital more efficiently, and develop more sophisticated trading strategies with respect to price and volatility.
In February 2021, dYdX and StarkWare launched the Layer 2 protocol for full-position perpetual contracts based on StarkWare’s StarkEx scalable engine and dYdX’s smart perpetual contracts, resulting in significant improvements for large-scale non-custodial trading. Counterparties can now trade at zero gas cost, resulting in lower transaction fees and reduced minimum transaction sizes.
In the last 5 months, the dYdX Layer 2 perpetual contract protocol has.
● Supported 11,000 unique counterparties with over $2.2 billion in transaction volume
● Had over 13,000 addresses contributing $40 million in lock-in volume
● Launched 15 trading pairs and will continue to add more pairs
We believe that decentralized perpetual contracts are a big step in increasing user volume and are naturally suited to DeFi. smart contracts address the lack of trustworthiness and transparency. These issues exist in centralized perpetual contracts because users are not aware of clearing mechanisms, insurance funds and socialized losses. In addition, perpetual contracts open up the possibility of transactions that are not yet available in the DeFi world. Now, any asset, not just Ether-based assets, can be traded on DeFi. Perpetual contracts are an exciting use case on Ether, and we are excited to be building the core facilities of the DeFi ecosystem.
According to Fred Ehrsam, co-founder and managing partner of Paradigm, “dYdX has built a simple, cyrpto-native and global exchange that users love. We have known Antonio since he left Coinbase many years ago and he has built a great team that can support the company’s growth and future potential.”
According to Evgeny Gaevoy, Founder and CEO of Wintermute, “dYdX is pioneering layer-2 DEX trading on its new platform built on StarkWare’s StarkEx scalable engine. It offers decentralized and non-custodial trading of perpetual futures contracts without any of the drawbacks associated with similar solutions built on layer-1 ethereum. Just a few years ago, a great team brought us the first fully decentralized spot leverage trading of its kind, and we have high hopes for such a team!”
We will use the additional funds to.
- decentralize the protocol
- quickly add new assets and features to the perpetual contracts
- launch a mobile app
- work with infrastructure players to bridge the gap between centralized and decentralized finance
- make strategic investments in international growth markets such as Asia
- continue to hire world-class engineers, designers and business operations staff
Thank you all for your support and feedback so far! If what we’re building at dYdX excites you and you’d like to join our team, please check out our Careers page. We’d love to hear from you!
dYdX is a leading decentralized exchange built by a group of engineers whose mission is to build open, secure, and robust financial products. dYdX runs on audited smart contracts, thus eliminating the need to trust the centralized exchange in transactions. We combine the security and transparency of a decentralized exchange with the speed and availability of a centralized exchange.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/dydx-completes-65-million-series-c-funding-led-by-paradigm/
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