XRP Perpetual Contract Market Now on dYdX Chain
In a significant development for the XRP Army, perpetual contracts of the third largest altcoin, XRP, are now available on the leading Ethereum-based decentralized exchange, dYdX.
The dYdX team disclosed this update in a recent statement on X. Per the notification, five new markets have been added to the dYdX Chain, with XRP prominently featured.
Another 5 markets on dYdX Chain 🫡
Trade them now at https://t.co/v3TXeNvCwf pic.twitter.com/unYDGlNxaW
— dYdX (@dYdX) November 30, 2023
XRP on dYdX Chain
According to the statement, crypto market participants seeking to trade XRP perpetual can do so via the trading portal “dydx.trade.” The exchange allows XRP leverage up to 10x, with a minimum order size of 10 XRP.
Among the newly added perpetual contract markets are tokens of the crypto projects Uniswap (UNI), Tron (TRX), Optimisim (OP), and Cardano (ADA). Notably, these tokens are all paired against the U.S. dollar.
With the five additional markets, dYdX perpetual contracts are now in 13 cryptocurrencies. The platform boasts of low fees, extensive liquidity, and the potential for up to 20 times buying power.
It is worth mentioning that the dYdX Chain powers these advanced trading services. In the last 24 hours, the platform has recorded $47 million in trading volume, 34,056 orders, and $3 million in Open Interest.
Notably, traders take custody of their crypto assets while trading on the platform. They also enjoy the opportunity of earning dYdX’s native token, DYDX, after each trade.
dYdX Disclaimer
Meanwhile, the dYdX team clarified specific details about the new additions in the announcement. It noted that dYdX products are inaccessible to United States and Canada residents, as well as other restricted individuals.
Besides, the dYdX team clearly stated that none of the functions and operational activities of the “dYdX Chain” are under its control. Furthermore, it mentioned that the website “dydx.trade” is a third-party platform owned and managed by dYdX Ops subDAO (DOS).
Emphatically, the dYdX team disclaimed that the platform operates independently and without affiliation to dYdX or dYdX Trading Inc. Additionally, the dYdX team has stated it assumes no responsibility for any actions or content found on the third-party website. These aim to circumvent regulatory traps.