Decentralized exchange (DX) DeDX announced that the organization has raised $65 million in a Series C funding round led by Paradigm. The Dydx announcement states that the additional capital will be used to “significantly improve liquidity” on the Dex platform through the volatility of the cryptocurrency markets.
Defi Exchange Dydx raises $65 million from strategic investors
On Tuesday, Ethereum-based decentralized finance (DeFi) exchange didux Turns out the project has raised $65 million in a Series C funding round. The round was led by Paradigm, but funding also came from a16z, Three Arrows Capital, Polychain Capital and Wintermute. Liquidity providers and crypto VCs such as Hashkey, Electric Capital, Delphi Digital, Sixtent, Menai Financial Group, MGNR, and Cronos Research also participated.
In AnnouncementIn this article, Dydx also discussed DeX partner Starkware and how the two launched a Layer 2 protocol for cross-margined perpetuals in February. This was due to a combination of the Starkex scalability engine and Dydx’s Perpetual Smart Contracts. Dydx said that in five months, dex received $40 million in Total Value Locked (TVL) from more than 13K unique addresses. The project launched in 15 markets and the announcement says “coming soon.”
Top ten DEX platform with $ 188 million TVL
Today’s data shows it is one of the top ten DEX platforms according to Dydx Dune Analytics Stats. On Tuesday, DEX ranked ninth in weekly volume with $49,537,567 and $6.5 million over the past 24 hours. On Monday, Dydx had a DeFi swap worth approximately $9 million.
Its market share in global dex swaps is less than 2% of $16 billion as Uniswap commands 63% and Sushiswap 11.5%. In addition to a significant improvement in liquidity, Dydx says the project aims to use additional capital to:
- decentralization of protocol
- Quickly add new properties and facilities to perpetual contracts
- Launch a mobile application
- Partners with infrastructure players bridging the gap between centralized and decentralized finance Partner
- Invest strategically in international growth markets such as Asia
- Continue to hire world-class engineers, designers and business operators
During a Series B funding round in late January, Dydx raised $10 million from Three Arrows, Defense Capital, Andreessen Horowitz (a16z) and Polychain Capital. as of today defipulse.com stats, Dydx has a TVL of approximately $188 million and ranks 28th among other major DeFi platforms.
Fred Ehrsam, Co-Founder and Managing Partner of Paradigm, spoke lovingly to Antonio Juliano, the founder of Dydux, and said that the Dex platform is loved by its users. “[Dydx] Created a simple, crypto native and global exchange that users love. We have known Antonio since he left Coinbase years ago. He has built a great team around him to support the company’s growth and future prospects,” Ehrsam said on Tuesday.
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