The corporate behind the dYdX decentralized change (DEX) has partnered with Robinhood to rebrand the protocol and launch it as Arcus on the Robinhood chain.
“dYdX is now Arcus,” Arcus’s X account posted Wednesday, noting that will probably be launched on Robinhood Chain, Robinhood’s Arbitrum-based Layer 2 blockchain, which went stay the identical day.
The dYdX Basis mentioned dYdX Labs created Arcus “in partnership with Robinhood” and that the dYdX blockchain “won’t be affected in any method.” The platform is about to develop into blockchain’s “major DEX,” giving customers entry to perpetual merchandise and commission-free buying and selling of 95 tokenized shares.
sauce: Charles Dorsey
The DEX is a part of Robinhood’s enlargement push into tokenized property and perpetual buying and selling, two areas of cryptocurrency which have just lately exploded in recognition as U.S. regulators expressed curiosity in making it simpler to convey merchandise to market.
Robinhood adopted perpetual buying and selling to draw merchants flocking to its crypto perpetual futures platform HyperLiquid, whose token has gained market share with a virtually 150% rally thus far this yr.
Arcus gives tokenized shares and private buying and selling
“Merchants have historically been locked out of probably the most beneficial market on the planet: U.S. shares, commodities, and indices due to the place they stay, market hours, and establishments that limit entry,” Arcus mentioned in a weblog publish. “We constructed Arcus to cut back these boundaries.”
The protocol mentioned it’s going to supply perpetual and tokenized inventory buying and selling beginning this month, enable tokenized shares for use as collateral for everlasting shares, and supply pre-IPO market entry.
It added that Robinhood Crypto, the corporate’s crypto know-how division, had invested in Arcus, with out disclosing additional particulars.
The dYdX Basis mentioned Arcus is a “distinct, impartial product constructed on a separate infrastructure” and that the dYdX blockchain will proceed to be operated and owned by its group.
Main retail-focused buying and selling platforms are working to increase their providers to remain aggressive. Cryptocurrency change Coinbase goals to rival Robinhood and develop into a full-service buying and selling platform, including entry to 1000’s of shares earlier this yr.
In line with DeFiLlama, Robinhood’s blockchain follows an identical transfer by Coinbase, which launched its Ethereum Layer 2 blockchain base in 2023, making it the fifth largest blockchain base by worth locked.
In the meantime, BitGet Pockets, the self-custodial pockets of cryptocurrency change BitGet, introduced on Wednesday that it has partnered with Robinhood Crypto to combine its blockchain, permitting customers to commerce tokenized shares.
Decentralized change 1inch additionally introduced Wednesday that it’ll develop into one of many first main swaps platforms to assist Robinhood Chain.
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