APR 22, 2021 • 1 Min Read
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.
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:
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