DYdX Trading Software Is Currently Under Negotiations While V3 Platform Still Works Stably
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Read more: Dydx Introduces Isolated Markets and Isolated Margins!
The details of the sale with respect to the price or structure remain unclear. According to people familiar with the matter, Bloomberg reports that dYdX is working on the deal with Perella Weinberg Partners.
The dYdX exchange was launched in 2017 and offers perpetual futures contracts on the cryptocurrencies Bitcoin, Ether, Solana, and Dogecoin. The dYdX trading software was initially deployed on the Ethereum network but has moved to a new layer to implement its v3, which is aimed at lowering fees and boosting transaction speeds. On the other hand, the exchange had migrated to its v4 format along with the rollout of its own blockchain last year.
As such, v3 of the dYdX trading software has remained popular for trading due to its high liquidity and reduced slippage—price changes between an order being placed and executed—according to noted crypto risk firm Gauntlet.
Founded by Antonio Juliano, a former engineer at Coinbase and Uber, dYdX has received investment from names like venture firms Andreessen Horowitz and Paradigm. The v3 platform generated some $137 million in fees last year, based on $466.3 billion in trading volume from more than 33,900 traders, according to a March 2023 report by VanEck. Estimates by DeFiLlama forecast the dYdX trading platform will pull in around $18.67 million in revenue this year.
However, mergers and acquisitions are very rare in decentralized finance, which is built almost entirely from open source software that anyone can use and modify for free.
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