dYdX Joins Open DeFi To Help Create New Asset Classes and Markets For Traders
We are excited to announce that dYdX is the latest member to join the Open DeFi initiative. dYdX will be providing deep insight into the liquidity landscape of decentralized finance and help curate innovation in the space with other partners.
Open DeFi was launched in September 2020 as a bridge across borders, cultures, and markets with the goal of fostering the growth of DeFi through focuses on risk, liquidity, and innovation. The addition of dYdX to Open DeFi adds to the list of credible DeFi protocols which will collaborate to bring liquidity in the space. dYdX builds open, secure, and powerful financial products accessible globally, while creating unique solutions to hedge certain risks associated with DeFi.
“dYdX has not only established themselves as a fundamental player in the DeFi ecosystem but continues to evolve and extend their offerings to keep up with the modern market. For example, their active development of being the first major DEX on an L2 is one of the reasons we believed they would be such a good fit with Open DeFi and our partners. dYdX has worked closely with us to explore what we can do together with regards to the liquidity and innovation track to better improve the DeFi ecosystem. This includes custom strategies to bring in market makers to order book DEXes as well as working with partners to create new asset classes and markets for traders that have not been seen before in other exchanges.” — Eden Dhaliwal, Managing Director Conflux Network
Founded in 2017, dYdX has grown to become one of the leading decentralized trading platforms for crypto assets. dYdX offers perpetuals, margin, and spot trading without relying on a centralized counterpart to facilitate trades. dYdX runs on audited smart contracts on Ethereum (security audits with Zeppelin Solutions and Bramah Systems), allowing traders to move quickly, while maintaining full custody of their assets. dYdX is currently building a Layer 2 solution with StarkWare to be able to offer an even better experience for traders.
Currently, dYdX leverages a hybrid infrastructure model utilizing non-custodial, on-chain settlement and an off-chain low-latency matching engine with order books. This means that dYdX delivers an institutional-grade, liquid, and low slippage trading experience for the DeFi world, unlike AMM models.
“dYdX is excited to partner with Conflux Network and the Open DeFi initiative. dYdX is thrilled to provide insight into the liquidity landscape of decentralized finance and help curate innovation in the space with other partners. China plays an important role in the global DeFi ecosystem and remains a key market for our long term success. dYdX is already available in China and features a full Chinese translation of the native user interface. China has a massive user base that will bring liquidity, volume, and more innovation to global markets for greater growth potential.” — David Gogel, Growth Lead at dYdX
Since its inception, DeFi has failed to fully capitalize on the hundreds of billions of liquidity in the market. With the addition of dYdX into Open DeFi, we aim to collaborate together in building a solid framework that can attract more traditional market-makers and institutional capital to ensure liquidity and trades can always be fulfilled. Using the bridges into the Chinese market, Open DeFi will help introduce the powerful advanced trading tools dYdX has created to the ever growing Chinese decentralized finance market.
About Open DeFi
Launched in 2020, Open DeFi is a global initiative that seeks to develop the decentralized financial ecosystem and advance the collaboration of DeFi projects across borders and blockchain networks. Through a unique program focused on risk management, new liquidity strategies, and innovation, Open DeFi brings together global CeFi and DeFi partners to drive the future of finance. Members include Conflux Network, Sequoia Capital, Blockpower Capital, Antelope Holdings, dForce, DeBank, MCDEX and Shanghai Science and Technology Committee.
For more information, visit: https://www.open-defi.com/