in

dYdX Ethereum DeFi Exchange Raised $65M From Paradigm And a16z

dYdX Ethereum Defi exchange raised $65 million from a16z and Paradigm which led the round with previous investors Polychain and Three Arrows Capital joining in as we read more in our latest cryptocurrency news today.

The dYdX Ethereum DeFi exchange for margin, spot, and derivatives trading of various cryptocurrencies raised a Series C worth $65 million with the investment round being led by Paradigm with other participants including past investors like Polychian Capital, a16Z, and Three Arrows Capital. The Series C is a huge dollar increase from the dYdX’s previous investment rounds which were both worth $10 million and it is a huge boost for a capital startup that is vying to attract users deploy new features and distinguish itself as a crowded field.

most defi coins, uniswap, btc, market, crash

The raise follows after the latest release of the layer 2 protocol which is a second layer built atop on the ETH network for cross margined perceptual trading and the cross-margin enables traders to share their collateral across accounts which reduces the chances of an individual trade default but also expose the entirety of the users’ capital to possible liquidations. It is also one of the features that the platform offers traders which sets its exchange apart from its competitors.

Layer 2 involves building infrastructure on the blockchain. The computation or work of an app is the done off-chain then a fragment of the work is settled on-chain as proof with dYDx currently couples off-chain order book that matches engine with non-custodial and on-chain settlement. Built with the partner StarkWare and relying on its scalability engine with StarkEx the decentralized exchange known as a DEX offers lower fees with negligible transaction costs in the form of gas and a low minimum on trading.

Derivatives Trading Platform dYdX, crypto, venture

According to the team, the funds will be used to further decentralize the platform and add new assets and features for trading and build a mobile app. DyDx will also use the cash to work with the infrastructure players to help bridge the traditional finance and DeFi worlds. Defi is a term used to describe a collection of financial products with the aim to allow users to lend, borrow or trade crypto with third-party intermediaries with the industry growing from less than $1 billion to now more than $62 billion in a little over a year according to DeFi Pulse.

Go to Source
Author: Stefan

What do you think?

Written by secret

Leave a Reply

Your email address will not be published. Required fields are marked *

Polkadot Price Rallies 14% – Where Can You Buy?

Kim Kardashian Shilled “EthereumMax” But The SEC Won’t Be Happy