Digital assets firm Kraken reveals that it’s pleased to confirm that their platform will now be supporting trading with the dYdX (DYDX) token.
Deposits and withdrawals are currently available (and started on September 9, 2021). Trading is scheduled to commence at around 15:30 UTC on September 14, 2021, the update from Kraken confirmed. (Note: Trading is “not available to residents of the USA, Canada, Australia and Japan” presumably due to regulatory restrictions).
While explaining what dYdX (DYDX) is, the Kraken team wrote in a blog post that dYdX is a “decentralized” Layer-2 trading platform developed on Ethereum (ETH) providing various financial products, such as margin trading, derivatives and perpetual contracts. dYdX enables users to borrow, lend and make predictions on the future prices of virtual currencies.
Instead of maintaining a central order book where buyers and sellers are able to place their orders, dYdX makes use of a set of liquidity pools, where funds may be accessed by traders looking to purchase or sell digital currencies.
dYdX’s native crypto token, DYDX, serves as the platform’s governance token and “enables participants to vote on protocol upgrades to the network.”
While commenting on the time that funding and trading are expected to begin, the Kraken team noted:
- Funding: Already available – you can deposit DYDX now!
- Trading: Starts September 14 at approximately 15:30 UTC (Kraken will enable order entry and execution at this time)
- Updates will be posted on the status page near launch time
Trading pairs for DYDX
(Note: for more information on making deposits, withdrawals, other details, check here.)
The announcement also mentioned that Kraken, Kraken Pro are supporting DYDX trading. Kraken Futures and Margin Trading have not yet added this token.
Addressing a question about whether Kraken will list more assets, the company noted:
“Yes. But our policy is not to reveal any details until shortly before launch – not even which assets we are considering. All of Kraken’s listed tokens are available on our website, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.”
The Kraken team also stated that limit orders are “recommended when trading starts since the markets may be illiquid initially,” and that traders need to be very “careful with market orders and orders that trigger market orders (e.g. stop loss).”
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