DeFi exchange dYdX raises $65M in Series C fundraiser


Venture firms from across the blockchain industry have thrown their weight behind decentralized exchange developer dYdX, offering further evidence that investors are eyeing a further expansion of the decentralized finance (DeFi) ecosystem.

The Series C round generated $65 million in direct funding for dYdX, with venture fund Paradigm leading the raise. HaskKey, Electric Capital, Delphi Digital and others also participated in the raise.

How To Get Free Crypto  

The exchange also received direct support from eight liquidity providers, including Kronos Research, MGNR, Menai Financial Group, QCP Capital, CMS Holdings, CMT Digital, Sixtant and Finlink Capital.

Past investors include Polychain Capital, Three Arrows Capital and Wintermute, among others.

Wintermute CEO Evgeny Gaevoy described dYdX as a pioneer in layer-two DEX solutions, adding:

“It offers decentralization and non-custodial trading of perpetual futures without any of the drawbacks that similar solutions built on layer-1 Ethereum face.”

The growth of dYdX reflects the broad expansion of decentralized finance during the 2020–2021 bull market. Over the past five months, the company has generated over $2.2 billion in trade volumes from over 11,000 unique traders. Its total value locked reached $40 million across more than 13,000 unique addresses.

Related: Sights set on mainstream adoption: Is another DeFi summer on the way?

The DeFi market has experienced a broad cooldown in recent months due to the ongoing selling pressure faced by Bitcoin (BTC) and other cryptocurrencies. Industry data shows that the DeFi market peaked in mid-May before undergoing a broad correction. The total value locked in the ecosystem is now $127.2 billion, which is around 20% below last month’s peak.

Go to Source
Author: Sam Bourgi

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.