APR 22, 2021 • 1 Min Read

Tom Shaughnessy Tom Shaughnessy


dYdX is a decentralized derivatives exchange for perpetual swaps and margin trading. The exchange uses a traditional orderbook-based design to facilitate liquidity. It is the most popular decentralized trading protocol with over $300M in total trading volume already on its cross margined perpetuals running on Starkware’s Layer 2.

dYdX was founded by Antonio Juliano, a former software engineer at Coinbase and Uber and they have raised funding rounds from a16z, Polychain, Three Arrows, Fred Ehrsam, Brian Armstrong, Elad Gil and others.

SPV Terms

dYdX is raising $65 million at a $215M equity valuation and an implied $430 million fully diluted valuation if they launch a token. Delphi Ventures secured a $900K allocation for Institutional+ subscribers.

See the full investment memo below:

Unlock the whole story

Delphi Pro Banner

Delphi Pro is our institutional-grade crypto research and analysis offering, providing full market coverage across deep-dive reports, analysis, data and community.

    Starting at $499 a month**

    Create a free account

    * Team features available on multi-seat purchase.

    ** Based on purchase of annual subscription.