© Reuters.
Decentralized exchange dYdX has expanded 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 provide traders with up to tenx leverage, with the minimum order size set at ten XRP. This addition has been made available through the trading portal dydx.trade. The move is part of the exchange’s broader strategy to diversify its market offerings and serve the growing demand for diverse trading options in the cryptocurrency space.
The last trading day before the new contracts were announced saw significant trading volume of $47 million and $3 million in open interest on dYdX. These numbers reflect the platform’s strong performance and traders’ enthusiasm for new trading tools.
However, it’s important to note that access to these new services is not universal. Residents of certain jurisdictions, including the United States and Canada, are restricted from using these services due to regulatory restrictions in those jurisdictions.
In addition to market expansion, it has been emphasized that both the dYdX chain and the trading portal are autonomously managed under DOS governance. This structure ensures that both dYdX and dYdX Trading Inc. neither have direct control over operations, emphasizing the decentralized nature of the exchange. This operational independence is a key characteristic of decentralized finance (DeFi) platforms, which aim to operate without a central authority.
This article was created and translated with the help of AI and has been reviewed by an editor. For more information, see our Terms & Conditions.