January 26, 2021
February 14, 2025

Announcing our Series B

Fundraising
Announcing our Series BAnnouncing our Series B

We’re excited to announce that dYdX has raised a $10M Series B round led by Three Arrows Capital and DeFiance Capital! We welcome new investors: Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital.

Additionally we’re grateful for the continued support from a16z, Polychain Capital, Kindred Ventures, 1confirmation, Elad Gil, Fred Ehrsam, and other existing investors who participated in this or past rounds.

This is an important milestone for the dYdX team. Perpetuals trading is an exciting use case for blockchain technology and we’re thrilled to be building a core component of the decentralized financial ecosystem. dYdX’s decentralized exchange infrastructure combines non-custodial, on-chain settlement with an off-chain low-latency matching engine with order books to deliver an institutional-grade, liquid, and low slippage trading experience for the decentralized finance world. Our products empower traders to better manage risk, more efficiently allocate capital, and express more complex opinions on price and volatility.

2020 was a year of records. Total cumulative trade volume across Perpetuals, Margin, and Spot trading increased 40x, reaching $2.5 billion in 2020, up from $63 million in 2019. Volume on Spot and Margin markets was $1.9 billion in 2020, up from $63 million in 2019. Volume on Perpetual Contract markets was $563M since the protocol launched in April 2020. Volumes on the Perpetual Contracts grew as a percentage of total trading volume over the course of the year, accounting for 41% of total trading volume in December.

Volumes on Perpetual Contracts grew as a percentage of total trading volume, accounting for 41% of total trading volume in December. Over $17.4bn was originated in loans from the protocol's lending pools, with over 38,588 wallets depositing funds into the smart contract through December 31. The number of unique wallets using dYdX grew 4.8x last year.

We hired six new team members across Engineering, Design, and Growth. We also launched our decentralized Perpetuals protocol, with three markets achieving our goal of $10M in daily average trading volume. Since July, we've been building a new product for Perpetual Contracts on Layer 2, powered by Starkware's StarkEx system.

Since the start of 2021, total cumulative trade volume has surpassed $3.5 billion. In February 2021, we will launch our Layer 2 solution with StarkWare for cross-margined perpetuals to scale lower cost decentralized trading. We will be releasing more information on our alpha program soon.

According to Su Zhu, co-founder, CEO and CIO at Three Arrows Capital: "dYdX was the first DeFi app I ever used and I am elated to have the chance to invest in them today."

Arthur Cheong, Founder of DeFiance Capital said: "Antonio and the team have built a solid foundation for dYdX as one of the earliest and most successful DeFi protocols. We have been users since the early days and are excited to back dYdX in the current round to accelerate its mission to build the most powerful decentralized trading platform for cryptoassets.”

We’ll use the additional capital to:

  • Decentralize more parts of our stack and hand over more control to our users
  • Rapidly add new assets and features to our perpetuals contracts
  • Continue bridging the gap between traditional & decentralized finance
  • Strategically invest in international growth markets such as Asia, with a focus on Greater China
  • Continue to hire world-class engineers, designers, and business operators

Thanks to all for your support and feedback so far! If you’re excited about what we’re building at dYdX and want to join the team, please check out our Careers page. We’d love to hear from you!

Legitimacy and Disclaimer

Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.

dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain’s infrastructure.

The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.

The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof) “AS IS, WHERE IS”.

Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone.  Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.

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© 2025 dYdX Foundation. All rights reserved.

dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain's infrastructure.

Nothing in this website should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone. You should perform your own research and due diligence before engaging in any activity involving crypto-assets due to high volatility and risks of loss.

Depositing into the MegaVault carries risks. Do your own research and make sure to understand the risks before depositing funds. MegaVault returns are not guaranteed and may fluctuate over time depending on multiple factors. MegaVault returns may be negative and you may lose your entire investment.

The dYdX Foundation does not operate or has control over the MegaVault and has not been involved in the development, deployment and operation of  any component of the dYdX Unlimited software (including the MegaVault).

Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.

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