Swiss Asset Manager 21Shares has launched a new product traded with exchange, or ETP, bound to Dydx’s Native Token, Dydx. The companies said this will expand the regulated access to one of the largest decentralized derivative protocols.
The product, supported by Dydx to Tokens held at Custodians, began to act this week with support from the Dydx Treasury Subdao, via its KPK operator, shared according to a press release with Decrypt.
Crypto ETPs have investors buy and sell exposure to digital assets at fairs. In Europe they are usually issued as notes that are supported one on one by the underlying tokens, rather thanpinated funds.
DYDX has already arranged more than $ 1.4 trillion in cumulative trade volume on 230 eternal markets, but institutional participation is limited by detention, compliance and operational barriers.
The product follows the earlier Defi-oriented ETPs of 21Shares, including Aav, Chainlink and Uniswap products that were launched in 2022.
“The 21Shares Dydx ETP is a natural expansion of this reach,” said Mandy Chiu, head of the development of financial product on 21shares, told Decrypt.
“It offers access to institutional quality to one of the first decentralized exchanges to offer eternal futures contracts,” she added.
She said liquidity and efficient prices will be guaranteed by means of market maker flow traders, with daily creations and repayments to keep the product coordinated with a net asset value.
“Together, Dydx, Uniswap and Aave represent complementary layers of Defi infrastructure,” said Chiu. “Our ETP -suite is designed to give investors the opportunity to allocate selectively or holistically to these building blocks.”
Dydx was chosen because it “adds a distinctive dimension” with its focus on decentralized derivatives trade, in particular perpetual futures, an area that is historically dominated by centralized exchanges, Chiu said.
She said that the product reflects ‘the constant evolution of Defi’, and notes that as the decentralized derivatives become adults they can also be packaged in transparent, listed products.
Charles d’Aussy, CEO of the Dydx Foundation, said Decrypt The new product ‘enables institutions to use DYDX’s groundbreaking technology that again defines the $ 28 trillion Crypto -derivatives markets’, while the chain itself remains ‘completely sovereign and decentralized’.
“It has a similar architecture such as the Ethereum ETF that does not facilitate the activity on the protocol itself, but offers the protocols eth or, for us, $ dydx,” he said.
The chain, he added, remains “completely sovereign and decentralized on his own dedicated chain, with community management and 50 independent validators.”
21Shares is already the largest issue of crypto ETPs in Europe, with 48 crypto-etps that are currently available in several trade fairs.
Recent launches include ETPs Tracking Cronos, Aptos, XDC Network and Sui.
