© 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, improving the liquidity of the exchange and maintaining competitive trading fees.
On November 30, dYdX launched XRP perpetual contracts which offer traders the opportunity to benefit from up to ten times leverage, with a minimum order size set at ten XRP. This addition has been made available on the dydx.trade trading portal. The move is part of the exchange’s broader strategy to diversify its market offerings and meet a growing demand for varied trading options in the cryptocurrency space.
The final day of trading before the new contracts were announced saw a substantial $47 million in trading volume and $3 million in open interest on dYdX. These figures reflect the sustained activity of the platform and the enthusiasm of traders for the new trading instruments.
However, it is important to note that access to these new services is not universal. Residents of certain regions, including the United States and Canada, may not use these services due to regulatory limitations in those jurisdictions.
Besides the market expansion, it was highlighted that the dYdX chain and trading portal are run autonomously under the governance of DOS. This structure ensures that neither dYdX nor dYdX Trading Inc. have direct control over operations, emphasizing the decentralized nature of the exchange. This operational independence is a key feature of decentralized finance (DeFi) platforms, which aim to operate without the need for a central authority.
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