dYdX launches cross-margined perpetuals on Layer 2 in Ethereum

The decentralized cryptocurrency derivatives exchange dYdX has launched cross-margined perpetual contracts on a Layer 2 protocol in the Ethereum network.

It’s finally time. Our Layer 2 cross-margined Perpetuals are available to the public on mainnet Ethereum, powered by @StarkWareLtd and settled in $USDC. Read the announcement, and start trading here ↓https://t.co/H4ptd6zidr

— dYdX (@dydxprotocol) April 6, 2021

According to the statement, the platform has reduced fees and minimum trade sizes, and enhanced user privacy.

dYdX representatives said the product offers an improved user interface and instant trading.

Earlier, the exchange rolled out the solution in closed alpha testing. Users could access cross-margined perpetuals in BTC/USD, ETH/USD and LINK/USD pairs with settlements in the stablecoin USDC.

In the future, the platform will add AAVE/USD and UNI/USD.

dYdX raised $10 million to develop the derivatives ecosystem. The funding round was led by Three Arrows Capital and DeFiance Capital.

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