Decentralized exchange dYdX has launched perpetual contracts tied to Chainlink's LINK token.
The LINK-USD contracts offer up to 8x leverage and are cash-settled in USDC stablecoin. Like dYdX's other perpetual contracts tied to bitcoin (BTC) and ether (ETH), LINK contracts are not available in the U.S.
dYdX said it chose LINK for its third perpetual contract because the token is most traded in the decentralized finance (DeFi) market. The exchange will support more tokens, including DeFi coins, in the future based on trading volumes, senior growth associate Corey Miller told The Block.
The DEX is targeting to launch one or two new contracts per month, said Miller. "Once our L2 [Layer-2] is live, we will be able to launch them on a shorter time horizon," said Miller. dYdX recently partnered with StarkWare to integrate the firm's Layer-2 scaling technology into its perpetual contract offerings.
dYdX is backed by investors like a16z, Polychain, and 1confirmation. The firm has raised $12 million in funding to date since its founding in 2017.