Will dYdX Launch a Token?

dydx eth trading jan 26 2021

The margin trading platform dYdX is the biggest defi dapp to not participate in the yield farming trend. They handle significant volumes, $2.5 billion over 2020, and have processed $17.4 billion worth of loans. Speculation is ripe therefore they may do a Uniswap style airdrop, but today they announced instead a second round of selling shares to Venture Capitalists (VCs). “dYdX has raised a $10M Series B round led by Three Arrows Capital and DeFiance Capital,” they said. “We welcome new investors: Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital.” This follows a previous $10 million round in 2018 led by Chris Dixon at a16z and Olaf Carlson-Wee at Polychain Capital. Interestingly they say they will use this latest $10 million to “decentralize more parts of our stack and hand over more control to our users.” What that means in concrete terms is anyone’s guess, with Antonio…

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