dYdX Exchange Launches Its Third Perpetual Contracts With Chainlink’s LINK Token
- dYdX is the latest exchange to add Chainlink (LINK) perpetual contracts on its platform.
- The listing allows users to leverage their positions in LINK/USD contracts.
In an announcement on their Twitter, dYdX announced the launch of LINK/USD perpetual contracts that allows users up to 8X leverage.
These perpetual contracts are different from futures contracts in that instead of having a fixed expiration date, they hold an indefinite period of expirations. Moreover, the latter at launch trade at prices different to the market price while perpetual contracts trade very close to the market price.
The exchange said the addition of LINK contracts as its third perpetual contract – after BTC and ETH – is as a result of the coin leading in trading volumes in the decentralized finance (DeFi) ecosystem. According to the senior growth associate at dYdX, Corey Miller, the exchange is working towards launching other DeFi coins in the coming days.
dYdX is also working on launching standard short-term futures on cryptocurrencies after the implementation of its Layer-2 network. The exchange announced a partnership with Starkware to develop the L2 solution. Miller said,
“Once our L2 [Layer-2] is live, we will be able to launch them on a shorter time horizon.”
dYdX is a decentralized exchange platform, launched in 2018, allowing users to lend, borrow, or margin trade any supported asset. According to DeFi Pulse, the DEX currently has a total value locked (TVL) of $40 million in crypto assets.