Anchorage Digital Adds Support for Native DYDX Staking
Zug, Switzerland, May 15th, 2024, Chainwire
Institutional crypto platform Anchorage Digital has announced support for native DYDX staking. Now, institutions can stake DYDX from safe and secure custody at Anchorage Digital and earn staking rewards distributed by the protocol in USDC.
As home to the only federally chartered digital asset bank, Anchorage Digital provides crypto custody, staking, and other services for some of the top names in traditional and decentralized finance. As the partner of choice for crypto innovators, Anchorage Digital has supported ethDYDX custody since mainnet launch in August 2021 and native DYDX custody since the launch of the dYdX Chain in Q4 last year. The expansion into staking support marks a major step forward in advancing safe and secure institutional participation in the dYdX ecosystem.
“For many institutions, custody is just the start. Increasingly, institutions want to engage in staking, earn rewards, and contribute to the long-term scaling of innovative networks like dYdX. By adding staking support for its native token, DYDX, Anchorage Digital is proud to help unlock a new era of institutional participation in the dYdX ecosystem.”
— Nathan McCauley, CEO and Co-Founder of Anchorage Digital
Anchorage Digital supports hundreds of top assets, which are selected on the basis of institutional demand and must meet rigorous quality and safety standards. Clients can easily stake DYDX to earn staking rewards, with both the underlying assets (DYDX tokens) and staking rewards (USDC tokens) held in safe and secure custody on the Anchorage Digital platform.
“Anchorage Digital’s integration of native DYDX staking initiates a new era of institutional engagement with dYdX. Staking involves more than just the accumulation of USDC rewards; it is a proactive effort to enhance the growth and sustainability of the dYdX ecosystem. This collaboration provides best in class custody solutions and boosts the attractiveness of the protocol.”
— Charles d’Haussy, CEO of dYdX Foundation
The dYdX Chain is the world’s leading DeFi protocol focusing on perpetual futures, fully decentralized and community-governed. It distributes 100% of protocol fees to DYDX stakers for bolstering the dYdX Chain’s security. Since its launch six months ago, the dYdX Chain has generated over $136 billion in cumulative trading volume and has distributed over $23 million in USDC as staking rewards to nearly 20,000 stakers, with a current annual return rate of 18% as of May 13, 2024, according to Mintscan. The integration of Anchorage Digital’s staking support for native DYDX enhances institutional interest through Anchorage’s secure and regulated custodial services. This partnership provides a compliant staking solution for DYDX token holders and supports institutional adoption, contributing to the ecosystem’s growth.
If you would like to learn more about staking support at Anchorage Digital, please get in touch.
About Anchorage Digital
Anchorage Digital is a crypto platform that enables institutions to participate in digital assets through custody, staking, trading, governance, settlement, and the industry’s leading security infrastructure. Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., Anchorage Digital also serves institutions through Anchorage Digital Singapore, Porto by Anchorage Digital, and other offerings. The company is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at anchorage.com, on X @Anchorage, and on LinkedIn.
About the dYdX Foundation
The dYdX Foundation’s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance.
The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain or its software be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever.
