Headquartered in Switzerland, 21Shares is one of the largest cryptocurrency exchange-traded product issuers in Europe and has launched its first fund related to dYdX. dYdX is a decentralized exchange (DEX) focused on perpetual contracts.
21Shares stated in an announcement to Cointelegraph that dYdX's cumulative trading volume has exceeded $1.4 trillion, and it currently has over 230 perpetual contract markets live. The dYdX Treasury sub-DAO supports this physically-backed product through the decentralized finance (DeFi) treasury manager kpk.
21Shares indicated that incorporating dYdX into regulated exchange-traded products (ETPs) provides institutional investors with an investment channel.
Mandy Chiu, Head of Financial Product Development at 21Shares, stated in a statement: "This issuance is an important milestone for DeFi adoption, enabling institutions to invest in dYdX through ETP products using the same infrastructure that has been used for traditional financial assets."
A spokesperson for 21Shares told Cointelegraph that the staking feature will be launched shortly after the issuance. "DYDX staking and automatic compounding features will be introduced—rewards will be automatically reinvested into DYDX token buybacks."
The press release also mentioned dYdX's expansion plans, which include:
- Launching Telegram-based trading later this month;
- Upcoming spot markets, initially supporting Solana (SOL);
- Launching perpetual contracts linked to real-world assets such as stocks and indices;
- A fee discount program for dYdX stakers;
- Broader deposit options covering stablecoins and fiat currencies.
The 21Shares dYdX ETP will be listed on the Euronext Paris and Euronext Amsterdam exchanges under the ticker DYDX.
The launch of the dYdX ETP comes as traditional and centralized cryptocurrency exchanges continue to expand their crypto derivatives offerings. Derivative contracts allow traders to speculate on prices without directly holding digital assets.
In the U.S., Kraken launched its CFTC-regulated derivatives business in July following its $1.5 billion acquisition of futures broker NinjaTrader. This derivatives platform offers cryptocurrency futures products listed on the CME exchange.
On Tuesday, Cboe, one of the world's largest exchange operators, announced plans to launch "continuous futures" for Bitcoin (BTC) and Ethereum (ETH) on November 10, currently awaiting regulatory review. The related contracts will be listed on the Cboe Futures Exchange, designed as a single, long-term product with a duration of up to 10 years.
Cboe stated that these contracts reference the perpetual contract style dominant in offshore markets but have not previously appeared under the regulated environment in the U.S. The exchange claims these products will provide institutional and retail traders with long-term investment channels for crypto assets, utilizing a centralized clearing and intermediary model.
Meanwhile, Singapore-based cryptocurrency exchange Bitget reported that its derivatives trading volume reached $750 billion in August, with a cumulative trading volume of $11.5 trillion since its inception.
The exchange ranked among the top three global futures trading platforms for open interest in Bitcoin (BTC) and Ethereum (ETH) that month. Notably, BTC futures open interest surpassed $10 billion, while ETH open interest exceeded $6 billion.
In December 2017, Cboe and CME launched cash-settled Bitcoin (BTC) futures, becoming the first regulated crypto derivatives. Although Cboe exited the market in 2019 due to low trading volumes, CME contracts have gradually dominated U.S. crypto derivatives trading.
According to CoinMarketCap data, the total open interest in crypto derivatives currently stands at approximately $3.96 billion for futures and $98.4 billion for perpetual contracts.
Related: Ethena exits Hyperliquid USDH stablecoin bidding, clearing the way for Native Markets
Original article: “21Shares Launches dYdX ETP as Institutions Circle Crypto Derivatives”
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