Core Viewpoint - The launch of the 21Shares dYdX ETP provides European investors with access to a leading decentralized derivatives platform, enhancing 21Shares' product offerings in the crypto asset space [1][2]. Company Overview - 21Shares AG is one of the largest issuers of crypto exchange traded products (ETPs) globally, with a current lineup of 48 crypto-asset ETPs and total assets under management (AUM) of $11 billion [2][5]. - The company aims to bridge traditional finance and decentralized finance, having launched the world's first physically-backed crypto ETP in 2018 [5]. Product Details - The 21Shares dYdX ETP (ticker: DYDX) is 100% physically-backed and tracks the performance of the dYdX platform, which is known for offering perpetual future contracts [3][7]. - The dYdX platform has maintained 15,000 weekly active traders and generated $7.7 billion in trading volume in July, with a projected total addressable market of $4 trillion by year-end [3][4]. - dYdX has distributed over $50 million in real USDC to its users, creating a sustainable value model that enhances its growth potential [3]. Market Position - The dYdX platform has facilitated over $1.5 trillion in cumulative trading volume, accounting for more than 20% of the $7.2 trillion transacted across decentralized perpetuals to date [4]. - The introduction of the dYdX ETP is seen as a significant milestone for institutions looking to engage with innovative crypto derivatives markets [4].