dYdX Sees Convergence of CeFi and DeFi and Plans to Launch ‘dYdX Unlimited’

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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Last updated:

October 31, 2024 07:31 EDT

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During Binance’s Dubai Blockchain Week, Charles d’Haussy, CEO of dYdX Foundation, told Cryptonews he sees a convergence in centralized exchanges (CEXs) and decentralized exchanges (DEXs) and noted that only 5% of perpetual are currently traded on-chain.

The dYdX platform has been operational since 2018, initially running on Ethereum’s layer two, but launched its own chain, the dYdX chain, a year ago. The chain has already processed over a trillion dollars on V3.

D’Haussy also mentioned upcoming upgrades like “dYdX Unlimited” which will allow permissionless market listings. He emphasized that dYdX is a “true DeFi exchange” operating on perpetuals only.

The Unlimited is estimated to launch in three weeks will be the latest version of dYdX and will allow for permissionless market listings of various coins, including meme coins and real-world assets.

He told Cryptonews there has been huge trading volumes on both the Ethereum and dYdX chains. Original investors in the dYdX exchange include Polychain, Paradigm, and others, with Binance, Kraken, and some wallet providers now acting as validators on the DYDX chain.

Recent Layoffs Aimed at Regaining Agility

Recent layoffs were attributed to a reorganization aimed at regaining agility and innovation velocity — d’Haussy said the goal is to return to the startup mode, with a leaner team that can innovate quickly, reflecting the firm’s seven-year history as an “OG project” in the DeFi space.

“I believe that the reason why Antonio Juliano [founder] has decided to kind of reorganize his team is to come back to the founder mode. To come back to the startup mode and a leaner team, much more agile, with more which higher velocity,” d’Haussy told CryptoNews.

This is only one of several upcoming exclusive interviews taken during Binance’s Dubai Blockchain Week. Check out the full event coverage below.