dYdX Closes Series B with $10M Investment

dYdX closed its Series B round with an investment of $10M led by Three Arrows Capital and DeFiance Capital. Other investors include Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital.

The dYdX exchange, which focuses on derivatives trading, notes that since launching its  decentralized perpetual contracts for three markets in 2020, it’s averaged $10M in daily volume. 

dYdX is also in the process of building a new product for perpetual contracts on Layer 2, StarkWare’s Zero Knowledge Rollups. The product aims to reduce the cost of perpetuals trading and is set to launch in February.