dYdX launches Chainlink perpetual contracts market

The cryptocurrency-derivatives DEX dYdX has launched Chainlink (LINK) perpetual contracts with 8x leverage.

LINK-USD Perpetual Contract Market is live for trading. Traders can get up to 8x leverage on $LINK, with self-custody & decentralized settlement. To celebrate, we are giving traders for this market 50% off fees for the first 7 days of trading. Trade now: https://t.co/ELGbm2pLxv

— dYdX (@dydxprotocol) August 25, 2020

Contracts are quoted in U.S. dollars and settled in the stablecoin USDC. The minimum order size is equivalent to 15 LINK, with no maximum.

The instrument’s audit was conducted by Open Zeppelin. The choice of LINK is due to its high liquidity.

Along with the introduction of the new perpetual contract, dYdX also integrates the USD-LINK price oracle from Chainlink.

In the future, dYdX plans to expand its lineup of perpetual contracts.

In dYdX also reported collaboration with the startup StarkWare to create a Layer-2 solution that is expected to increase the platform’s throughput.

According to DeFi Pulse, dYdX at the time of writing ranks 14th in the volume of frozen funds among DeFi protocols, at $39.5 million.

Among decentralized lending platforms, dYdX ranks fifth in this metric.

Earlier in August dYdX launched perpetual contracts on Ethereum (ETH) with 10x leverage. Perpetual contracts on Bitcoin appeared on the platform in May.

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