The corporate behind the dYdX decentralized trade (DEX) has partnered with Robinhood to rebrand and launch the protocol as Arcus on the Robinhood Chain.
An X account for Arcus posted on Wednesday that “dYdX is now Arcus” and would launch on the Robinhood Chain, Robinhood’s Arbitrum-based layer 2 blockchain that went reside the identical day.
The dYdX Basis stated that dYdX Labs created Arcus “in partnership with Robinhood” and that the dYdX blockchain “is just not affected by it in any manner.” The platform is ready to be blockchain’s “main DEX” and can give customers entry to perpetual merchandise and fee-free buying and selling of 95 tokenized shares.
Supply: Charles d’Haussy
The DEX is a part of Robinhood’s expanded push into tokenized property and perpetual buying and selling, two areas of crypto which have just lately exploded in recognition as US regulators have proven curiosity in permitting the merchandise to extra simply come to market.
Robinhood’s embrace of perpetual buying and selling comes because it seems to be to entice merchants who’ve flocked to the crypto perpetual futures platform Hyperliquid, whose token has climbed practically 150% to date this yr because it has captured market share.
Arcus to supply tokenized inventory, perps buying and selling
“Till now, merchants have been shut out of essentially the most precious markets on earth — US equities, commodities, and indices — due to the place they reside, market hours, and establishments limiting entry,” Arcus stated in a weblog publish. “We constructed Arcus to scale back these boundaries.”
The protocol stated that it’ll supply perpetuals and tokenized inventory buying and selling that may go reside this month, permitting tokenized shares for use as collateral for perpetuals and offering entry to pre-IPO markets.
Associated: CFTC chair says perp buying and selling not appropriate for all property it regulates
It added that Robinhood Crypto, the corporate’s crypto expertise arm, made an funding in Arcus however didn’t disclose additional particulars.
The dYdX Basis stated that Arcus “is a definite, unbiased product constructed on separate infrastructure” and that the dYdX blockchain would proceed to function and be owned by its group.
Main retail-focused buying and selling platforms have been shifting to broaden their choices to stay aggressive. Crypto trade Coinbase has regarded to rival Robinhood and change into a full-service buying and selling platform, having added entry to hundreds of shares earlier this yr.
Robinhood’s blockchain additionally follows an analogous transfer from Coinbase in 2023, when the latter launched its Ethereum layer-2 blockchain Base that has grown to be the fifth-largest by worth locked, in keeping with DeFiLlama.
In the meantime, Bitget Pockets, the self-custodial pockets from the Bitget crypto trade, stated on Wednesday that it partnered with Robinhood Crypto to combine the corporate’s blockchain to permit its customers to commerce tokenized shares.
The decentralized trade 1inch additionally stated on Wednesday that it might be among the many first main swap platforms to assist Robinhood Chain.
Massive Questions: Do we actually solely want 2–5 cryptocurrencies?