Decentralized crypto exchange dYdX has announced that it is widening its range of tradable assets after introducing five new perpetual contracts on its platform.
Crypto perpetual contracts are derivative instruments that allow traders to speculate on the future price of a cryptocurrency without having to worry about delivery or expiration. They are similar to futures contracts, but they do not have an expiry date.
Traders can hold their positions for as long as they like. Perpetual contracts are typically traded on margin, which means that traders only need to deposit a fraction of the total value of the contract. This can amplify both profits and losses.
The perpetual contracts that the exchange has introduced on its exchange include XRP, Uniswap (UNI), Tron (TRX), Optimism (OP), and Cardano (ADA), bringing the total number of cryptocurrencies available on dYdX to 13. The expansion aims to enhance liquidity and maintain competitive trading fees.
On November 30, the decentralized crypto exchange launched XRP perpetual contracts, allowing traders to leverage up to ten times, with a minimum order size of ten XRP. This addition is part of the exchange’s strategy to diversify its market offerings and meet the growing demand for varied trading options in the cryptocurrency space.
The day before the introduction of these new contracts, dYdX recorded a significant $47 million in trading volume and $3 million in open interest, demonstrating a strong level of engagement on the platform, the active participation of traders, and their keen interest in the newly introduced instruments.
However, it’s crucial to note that access to these services is not universal, as residents of certain regions, including the U.S. and Canada, are restricted due to regulatory limitations in these jurisdictions.
Alongside the market expansion, it was emphasized that both the dYdX Chain and the trading portal operate autonomously under DOS governance. This structure ensures that neither dYdX nor dYdX Trading Inc. has direct control over operations, highlighting the decentralized nature of the exchange.
Having operational independence is a key characteristic of decentralized finance (DeFi) platforms that aim to operate without reliance on a central authority.
