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Sunday, July 25, 2021

dYdX Has Managed To Raise $65 Million In Fundraisers

Several venture firms throughout the blockchain industry have started throwing their weight behind dYdX- one of the fastest-growing decentralized exchange developers in the world. This implies that the blockchain industry is looking for further expansion of the ecosystem of the Decentralized finance industry.

The round of the Series C generated around $65 million in direct funding for this DeFi exchange- with Paradigm, a venture fund, leading the increase. There are other participants to this raise too, like Haskkey, Delphi Digital, Electric Capital, and others. 

dYdX Creating Ripples In The DeFi Structure

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The exchange has managed to receive major support from eight other providers of liquidity- which includes MGNR, Kronos Research, Menai Financial Group, CMS Holdings, QCP Capital, Sixtant, CMT Digital, and Finlink Capital. The past investors of dYdX include Polychain Capital, Wintermute, and Three Arrows Capital, along with a few others.

Evgeny Gaevoy, the CEO of Wintermute, considers this DeFi exchange as a pioneer of the ingenuous DEX solutions in a layered structure. He further maintained that the exchange offers non-custodial trading and decentralization of perpetual futures, without bringing in any of the drawbacks that other solutions based on the Ethereum structure face. 

The dYdX growth is a reflection of the major expansion of the decentralized finance structure during the bull market of 2020-2021. The last five months have seen the company generating over $2.2 billion in trade volumes from around 11,000 unique traders. The locked total value of the entire structure has already reached a sum of $40 million spread over close to 13,000 different addresses. 

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The DeFi structure, along with dYdX, has already gone through a major cool down in the last couple of months due to the selling pressure that is faced by Bitcoin and a lot of other cryptocurrencies. 

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