dYdX Eyes US Market Entry: Decentralized Crypto Exchange Plans Year-End Debut, Reuters
dYdX (DYDX), one of many main decentralized cryptocurrency buying and selling platforms within the trade, is reportedly getting ready to enter the US market by the top of the yr, following the current shift in crypto insurance policies by the Trump administration.
dYdX Expands Amid Supportive Legislation
In an interview with Reuters, Eddie Zhang, the president of dYdX, emphasised the significance of this transfer, stating that having a presence within the United States aligns with the platform’s future route.
Unlike centralized exchanges corresponding to Coinbase (COIN) and Kraken, which act as intermediaries between consumers and sellers, dYdX goals to get rid of the intermediary, permitting customers to transact straight on a blockchain community that underpins cryptocurrencies.
The platform focuses on perpetual contracts, a type of by-product that permits merchants to invest on asset costs with out possession and with out an expiration date, distinguishing it from conventional futures contracts. Since its inception, dYdX has surpassed $1.5 trillion in whole buying and selling quantity.
As a part of its growth technique, dYdX plans to introduce spot buying and selling for Solana (SOL) and different linked cryptocurrencies, probably together with XRP and Cardano (ADA), to US customers by the top of the yr.
This transfer comes within the wake of President Donald Trump’s elevated help for the cryptocurrency sector, which has led to the dismissal of quite a few lawsuits towards main crypto platforms and prompted monetary regulators to develop specialised guidelines for digital property.
These new measures embrace Congress’s passage of the GENIUS Act earlier this yr and the potential passage of the Market Structure Bill. Together, these measures tackle the trade’s name for a brand new framework that might enhance adoption and progress of the broader digital asset ecosystem within the US.
Trading Fees Slashed, Prospective Offerings Awaiting Guidance
Upon its entry into the US market, Reuters experiences that dYdX intends to cut back its trading fees considerably, with plans to chop them by as a lot as half, bringing them right down to between 50 and 65 foundation factors.
However, whereas perpetual contracts won’t be obtainable to US customers instantly, Zhang expressed hope that regulators will ultimately present the mandatory steering for decentralized platforms to supply these merchandise.
The US Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) just lately issued a joint assertion indicating their willingness to think about permitting crypto perpetual contracts to commerce throughout regulated platforms within the US, which might pave the best way for dYdX’s future choices.
As of this writing, the platform’s native token, DYDX, is buying and selling at roughly $0.30. However, the token has skilled a big decline of almost 68% over the previous yr, shedding about $1.43 billion in market cap worth.
Featured picture from DALL-E, chart from TradingView.com