Perpetuals DEX dYdX Reportedly Up for Sale
Perpetuals DEX dYdX is having a busy day. This morning, Bloomberg reported that dYdX v3 is up for a sale, with a consortium of market makers including Wintermute Trading Ltd. and Selini Capital interested. Then, less than an hour later, the dYdX team detailed this its v3 front-end had been compromised.
What's the Scoop?
- Background on dYdX: Founded in 2017 by Antonio Juliano, dYdX has transitioned through several iterations that include building its own chain.
- Revenue and Usage: In 2022, the v3 platform, known for its high liquidity and low slippage, generated $137M in fees from $466.3B in trading volume. It’s expected to generate around $18.67M this year.
- Advisors and Confidentiality: Investment banking services company Perella Weinberg Partners is advising the sale, and all parties involved are remaining tight-lipped about the details.
Bankless Take:
Historically a standout DEX for trading, dYdX has seen strong competitors emerge this cycle. The potential sale to top market makers like Wintermute and Selini would make for an intriguing dynamic where these firms play a more decisive role on the platform, influencing tokens they work with to launch on dYdX.
We just learned that dYdX v3 website (dYdX . exchange) has been compromised.
— dYdX (@dYdX) July 23, 2024
Please do not visit the website or click any links until further notice. An update will be provided when available.
This message does not relate to dYdX v4.