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dYdX adds new crypto perpetual contracts, including XRP and ADA

EditorRachael Rajan
Published 12/01/2023, 09:03 AM
Updated 12/01/2023, 09:03 AM
© Reuters.

The decentralized exchange dYdX has broadened its trading horizons by introducing five new perpetual contracts to its platform, including XRP, Uniswap (UNI), Tron (TRX), Optimisim (OP), and Cardano (ADA). This expansion brings the total number of cryptocurrencies available on dYdX to 13, enhancing the exchange's liquidity and maintaining competitive trading fees.

On November 30, dYdX launched XRP perpetual contracts that offer traders the ability to leverage up to ten times, with a minimum order size set at ten XRP. This addition was made available through the trading portal dydx.trade. The move comes as part of the exchange's broader strategy to diversify its market offerings and cater to an increasing demand for varied trading options in the cryptocurrency space.

The last trading day before the new contracts were announced saw a substantial $47 million in trading volume and $3 million in open interest on dYdX. These figures reflect the platform's robust activity and traders' enthusiasm for the new trading instruments.

However, it's important to note that access to these new services is not universal. Residents of certain regions, including the U.S. and Canada, are restricted from using these services due to regulatory limitations in those jurisdictions.

In addition to the market expansion, it was highlighted that both the dYdX Chain and the trading portal are governed autonomously under DOS governance. This structure ensures that neither dYdX nor dYdX Trading Inc. has direct control over the operations, underscoring the decentralized nature of the exchange. This operational independence is a key characteristic of decentralized finance (DeFi) platforms, which aim to operate without the need for a central authority.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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