dYdX’s Crypto Loans Hit $1B Amid Coronavirus-Led Volatility
Volatility amid the COVID-19 pandemic has proven attractive to traders.
The funding round, led by Three Arrows and DeFiance Capital, was also joined by Andreessen Horowitz and Polychain Capital.
Bitcoin experienced heavy selling Tuesday, while traders are finding profits in stablecoin borrowing strategies.
The throughput solution comes as Ethereum gas fees hit historic highs.
Perpetual swaps that track the price of ether are coming to dYdX, the company announced Tuesday.
Andreessen Horowitz-backed dYdX released its Bitcoin Perpetual Contract out of private alpha on Wednesday, bringing a key BTC derivatives product to DeFi.