Core Insights - The dYdX Foundation, in collaboration with 21Shares, conducted an analyst call on September 18 to discuss protocol updates, a new institutional channel, and product plans extending into 2026 [1] - The call highlighted market access, technology upgrades, and changes to token economics, including the launch of a physically backed DYDX exchange-traded product in Europe by 21Shares [1][2] - The foundation announced several product additions, including spot markets, Telegram-based trading, and a $20 million "Surge" incentive program to boost trading activity [2][3] Product Developments - dYdX is working on integrating real-world asset perpetuals, starting with synthetic equity exposures linked to companies like Tesla [2] - Upcoming integrations will include support for the Crypto.com wallet, enhancing user accessibility [2] Token Economics - Rewards for users will be distributed in USDC, and a fee-funded buyback program has been confirmed as part of the token economics strategy [3] - Following the analyst call, the price of $DYDX increased, reflecting traders' consideration of the long-term roadmap against current market sentiment [3] Market Performance - The trading volume for dYdX has surpassed $1.5 trillion, indicating that the platform's infrastructure is now established rather than experimental [3] - The price of DYDX has shown a recovery, trading near $0.69 with a 5% gain, and has moved above key resistance levels [4][5] - Technical indicators suggest a bullish continuation setup, with immediate pressure at the $0.6880 level, which DYDX is currently testing [6][7]

Core Insights - 21Shares has launched the 21Shares DYDX Exchange-Traded Product (ETP), providing institutional investors with a regulated and secure way to invest in DYDX, the native token of the dYdX Chain [1] - The dYdX protocol has achieved over $1.4 trillion in cumulative trading volume and operates over 230 perpetual markets globally, making it the most mature decentralized derivatives protocol [2] - The launch of the 21Shares DYDX ETP is seen as a significant step in bridging traditional finance with decentralized finance, offering a trusted pathway for institutional investors into the on-chain derivatives market [2][3] Company Insights - 21Shares has taken the lead in product design, regulatory approvals, and exchange listing to ensure the ETP's seamless integration into institutional trading environments [3] - The company aims to provide professional investors with access to DYDX while maintaining high standards of compliance, security, and operational reliability [3] - The launch aligns with the increasing inflows into U.S. spot bitcoin ETFs, indicating a trend of growing institutional adoption in the cryptocurrency space [3] Industry Insights - The 21Shares DYDX ETP is positioned as a milestone in the adoption of decentralized finance (DeFi), allowing institutions to access dYdX through a familiar investment vehicle [4] - The global derivatives market is valued at over $100 trillion, yet DeFi derivatives account for less than 1% of this market, highlighting the growth potential for DeFi products [4] - The launch of the ETP coincides with dYdX's ambitious roadmap, providing institutions with a timely and regulated entry point into a rapidly evolving market [4]

Core Insights - Swiss asset manager 21Shares has launched a new exchange-traded product (ETP) linked to dYdX's native token, DYDX, aimed at providing regulated access to a major decentralized derivatives protocol [1][2] - The new ETP allows investors to buy and sell exposure to digital assets on stock exchanges, with a focus on institutional-grade access to decentralized exchanges offering perpetual futures contracts [3][5] Group 1 - The dYdX ETP began trading this week, supported by the dYdX Treasury subDAO and operated by kpk, marking an extension of 21Shares' DeFi-focused product range [1][3] - dYdX has achieved over $1.4 trillion in cumulative trading volume across 230 perpetual markets, although institutional participation has faced challenges due to custody and compliance issues [2] - The product is designed to ensure liquidity and efficient pricing through market maker Flow Traders, with daily creations and redemptions to maintain alignment with net asset value [4] Group 2 - The ETP suite from 21Shares, including products for Aave, ChainLink, and Uniswap, aims to provide investors with the ability to allocate selectively or holistically to key components of DeFi infrastructure [4] - The introduction of the dYdX ETP reflects the ongoing evolution of DeFi, allowing decentralized derivatives to be packaged into transparent, exchange-traded products [5] - The CEO of the dYdX Foundation emphasized that the new product empowers institutions to leverage DYDX's technology, which is redefining the $28 trillion crypto derivatives market [5]

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