dYdX Staking is now Accessible through Anchorage Digital

Published on: 17.05.2024
dYdX Staking is now Accessible through Anchorage Digital

Anchorage Digital, a leading institutional crypto platform, has announced support for staking the native DYDX token. This allows institutions to securely hold DYDX in Anchorage’s custody and earn rewards distributed by the dYdX protocol in USDC.

As the first federally chartered digital asset bank in the US, Anchorage Digital offers a range of services for traditional and decentralized finance institutions, including custody, staking, and trading. They’ve been a partner for dYdX since the protocol’s launch, supporting both the wrapped version (ethDYDX) and the native DYDX token. This new staking feature marks a significant step towards bringing more institutions into the dYdX ecosystem with a secure and regulated solution.

Anchorage Digital carefully selects the assets they support based on strict quality and safety standards, ensuring they meet the demands of institutional investors. With their staking service, institutions can easily earn rewards on their DYDX holdings. Both the DYDX tokens themselves and the earned USDC rewards are held securely within Anchorage Digital’s custody solution.

This partnership between Anchorage Digital and dYdX benefits both sides. Anchorage’s secure and regulated environment attracts institutions to participate in staking DYDX. At the same time, it offers a compliant solution for DYDX token holders and fosters wider institutional adoption, which helps the dYdX ecosystem grow.

About dYdX

The dYdX Chain is a leading DeFi protocol focused on perpetual futures trading. It’s fully decentralized and governed by its community. Notably, 100% of protocol fees are distributed to DYDX stakers who help secure the network. According to Mintscan data, in just six months since launch, the dYdX Chain has processed over $136 billion in cumulative trading volume and distributed over $23 million in USDC rewards to nearly 20,000 stakers. As of May 13, 2024, the annual return rate for staking DYDX sits at a healthy 18%.

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About Anchorage Digital

Anchorage Digital is a comprehensive platform that empowers institutions to invest in digital assets. Their services include custody, staking, trading, governance, and settlement, all backed by industry-leading security infrastructure. Anchorage Digital Bank N.A., the only federally chartered crypto bank in the US, is a subsidiary of the company. They also serve institutions globally through Anchorage Digital Singapore, Porto by Anchorage Digital, and other offerings. The company boasts a strong investor base including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa. Anchorage Digital was founded in 2017 and has offices in San Francisco, New York, Porto, Singapore, and Sioux Falls.

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