A July 23 story from Bloomberg says that decentralized exchange dYdX is in talks to sell some of its software for trading derivatives. According to anonymous sources, the story says that dYdX Trading Inc., the company that runs the dYdX platform, is in talks with crypto market makers about a possible deal.
Wintermute Trading, an algorithmic trading business based in the UK that specializes in digital assets, and Selini Capital, a company that focuses on alternative investments, especially digital assets, are two companies that might buy dYdX’s v3 protocol.
Soon after the possible sale became public, there was a security breach on dYdX v3. The platform put out a warning on social media telling people to stay away from the dYdX website and not click on any links until further notice.
Potential dYdX Sale Disrupted
According to DefiLlama figures, dYdX v3, which deals with perpetual contracts (a type of futures contract that does not have an end date), has seen $1.22 trillion worth of trades since January.
The talks are happening at a time when dYdX’s leadership has recently changed. Antonio Juliano, the founder and CEO, quit on May 13 without saying what he was going to do next.
Ivo Crnkovic-Rubsamen, who used to be the chief strategy officer, has taken over for Juliano. Juliano was a software worker at Coinbase, Uber, and MongoDB. Andreessen Horowitz and Paradigm are two of the investors in dYdX
After a vote by the community, the protocol released version 5 in June. This version added features like separated margin and support for Raydium Markets. With these changes, traders can now assign collateral to specific trades. This reduces the effect of cross-trade collateral and gives each collateral group its own insurance.
