After being in stress-tested for a couple of weeks now, the dydx bitcoin perpetual contracts have been launched, enabling Bitcoin products on decentralized finance or DeFi. The release of the decentralized market was confirmed in an announcement on Wednesday by the non-custodial exchange.
dydx bitcoin perpetual contracts not for US investors
Backed by Andreessen Horowitz, dydx said that the Bitcoin perpetual contracts are now publicly open for investors to trade from today. However, the exchange further mentioned in the announcement that investors from the United States are currently not supported at the moment.
Precisely, the perpetual market on dydx is launched with BTC-USDC Perpetual Contract. At the moment, dydx noted that it sees at least 500 thousand USDC on its order book, and one USDC spread, in spite the product is just being launched and has only garnered up to 100 users already.
dydx sees $5 million in the perp Alpha
While being Alpha, dydx market for Bitcoin perpetual contracts recorded a total of $5 million traded, and $3 million from this figure was realized since the 10th of May, 2020. Although dydx has advised on ramping up gradually, it expects the market to burgeon in the coming months.
dydx mentioned that the new markets launched today also have fully verifiable and transparent liquidation mechanisms, including insurance funds. Meanwhile, the Bitcoin perpetual contracts were tested by a pool of traders as well as the market partners, following dydx statement:
“With the help of over fifty Alpha traders and Partners, we have spent the last three weeks stress-testing our system during market volatility, collecting UI & UX feedback, and growing liquidity on our order books with market makers.”
The company’s team added in the announcement that it plans to improve on the Bitcoin products in the near time, while still rolling out more perpetual products in months ahead.