The San Francisco-based DEX builder has processed $2.2 billion in trades and is now “hugely profitable.”
The throughput solution comes as Ethereum gas fees hit historic highs.
The funding round, led by Three Arrows and DeFiance Capital, was also joined by Andreessen Horowitz and Polychain Capital.
Bitcoin experienced heavy selling Tuesday, while traders are finding profits in stablecoin borrowing strategies.
Perpetual swaps that track the price of ether are coming to dYdX, the company announced Tuesday.
Andreessen Horowitz-backed dYdX released its Bitcoin Perpetual Contract out of private alpha on Wednesday, bringing a key BTC derivatives product to DeFi.
Volatility amid the COVID-19 pandemic has proven attractive to traders.
So many people were trying to use the Ethereum blockchain during Thursday’s market meltdown that many applications simply stopped working as intended.
Coinbase is launching a new effort to grow the DeFi ecosystem, starting with USDC investments in Compound and dYdX.
DYdX, an in-development decentralized exchange for cryptocurrency derivatives, has raised an undisclosed amount in a seed funding round.