Radar Relay Ether Coin Trading Platform Introduces dYdX Protocol ETH Short Token
Radar Relay is a wallet-to-wallet decentralized platform used for trading ETH (Ethereum) based tokens. Currently, it is the only relay platform that is able to support the sETH (short Ethereum) trading through the use of a non-custodial venue.
sETH can be described as a short position that has been built on the dYdX protocol after being abstracted in an Ethereum token.
The short token has been built using this protocol. The protocol is mainly used for marginal trading as well as for derivatives that have been created using the Ethereum blockchain. The company is based in San Francisco and has recently indicated that it had completed its Series A funding.
The series was able to raise a total of ten million dollars and was led by 16z. This is a firm that was created by Andreesen Horowitz earlier this year and mainly deals with cryptocurrencies. Alan Curtis, Radar Relay’s CEO during the announcement stated that in the last few years, its users had requested the firm to come up with a non-custodial way that could be used to hedge the risks on their portfolios.
He went on to state that the firm was proud to have collaborated with dYdX, which is a fellow product leader. The two firms worked together to come up with a new category that featured the short tokens. By creating the short tokens, they had managed to take a major leap towards the creation of a completely decentralized financial future.
Zhuoxun, who is the head of operations at dYdX commented on this partnership noting that users would now be able to get margin exposure by simply using ERC20 tokens to trade. Decentralized exchanges have in the past few months become a natural platform for use by tokens that have been short or leveraged.
Yin went on to state that their company was thrilled that Radar Relay was the very first company to come out and support them. The company was also excited to continue its collaboration with the Radar Relay team. The firm believes that the collaboration between the two entities will lead to the creation of new financial products in the future.
The inclusion of short tokens to the Radar Relay existing products catalog has been seen as a significant move as it seeks to continue with its leadership role in the financial sector. Some of its financial offerings have contributed to major developments in the decentralized trading ecosystem.
The introduction of short tokens means that users have been provided with a new way to diversify their portfolio, while at the same time being able to retain full custody of their assets. This means that they now have better access to cryptocurrencies than they did before.
Interested investors can find the short ethereum tokens on Radar Relay. All they need to do is use the advanced trading toggle. Once they have located these short tokens, they can then start trading them against the DAI quote.