Hassan Maishera
dYdX is a DeFi pro trading platform. It is popular for being the first to offer decentralized margin trading and derivatives. The platform also invented flash loans and DEX aggregators back in 2018.
The native token, DYDX, has been available on exchanges for retail traders for years. And now, thanks to 21Shares, the token will become accessible to institutional investors.
21Shares Launches DYDX ETP
21Shares announced on Thursday, September 11th, that it has launched the 21Shares DYDX Exchange-Traded Product (ETP). The product is a regulated, physically backed investment product providing institutional investors with secure and compliant exposure to DYDX (ticker: DYDX), the native token powering the dYdX Chain.
DYDX is currently the 120th cryptocurrency in the space, with a market cap of over $500 million. The token is now available to institutional investors, with 21Shares adding that the launch is supported by the dYdX Treasury subDAO through its operator - kpk. KPK (formerly Karpatkey) is the leading provider of non-custodial DeFi treasury management solutions.
21Shares DYDX ETP Enters a Growing Market
21Shares is launching the DYDX ETP in an industry that is recording excellent growth. In a recent research by the Federal Reserve Board, the entity noted that as of late December 2024, the crypto ETPs represent roughly $100 billion in aggregate market capitalization.
21Shares chose DYDX as the dYdX change has recorded over $1.4 trillion in cumulative trading volume, making it the most operationally mature decentralized derivatives protocol. The chain also serves over 230 perpetual markets globally.
The 21Shares dYdX ETP is 100% physically-backed, with the fund tracking the performance of DYDX.
21Shares added that it led the product design, regulatory approvals, and exchange listing to ensure seamless integration into institutional trading environments.
While commenting on the launch, Mandy Chiu, Head of Financial Product Development at 21Shares, said:
“The 21Shares dYdX ETP is a natural addition to our product lineup, providing investors with institutional-grade access to one of the first decentralized exchanges to offer perpetual futures contracts. This launch represents a milestone moment in DeFi adoption, allowing institutions to access dYdX through the ETP wrapper – utilizing the same infrastructure already in use for traditional financial assets.”
As stated above, the DeFi derivative market currently stands at $100 billion, which is less than 1% of the total global derivatives market ($100 trillion. This indicates further room for growth, with the 21Shares DYDX ETP coming at a crucial time.
dYdX to Expand Services
The launch aligns with dYdX’s high-velocity roadmap, providing institutions with a timely and regulated on-ramp. The protocol seeks to expand into:
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Telegram Trading (September 2025): seamless cross-platform execution with a growth incentive program.
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Spot Trading (coming soon): global access, launching first with Solana integration.
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Perpetuals for Real-World Assets (RWAs): equities, indexes, and pre-IPO shares on-chain.
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Stake-for-Reduced-Fees: customizable fee tiers rewarding long-term DYDX stakers.
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Expanded deposit options: including USDT, Solana, and fiat on-ramps.
Marcelo Ruiz de Olano, CEO and co-founder at kpk, pointed out that promising DeFi tokens often fly under the radar for investors not yet familiar with DeFi. However, the 21Shares dYdX ETP will allow institutions to have access to the native token of this DeFi platform.
“By contributing to the Treasury SubDAO, we help dYdX align real protocol revenues with tokenholder value. The launch of the 21Shares dYdX ETP gives institutional investors a clear entry point into one of the most dynamic DeFi protocols, without the hurdles often experienced with on-chain operations,” de Olano added.
Charles d’Haussy, CEO of the dYdX Foundation, commented that the dYdX ETP empowers institutions to harness DYDX’s pioneering technology, which redefines the $28 trillion crypto derivatives markets.”
