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.”
Nathan McCauley, CEO and Co-Founder of Anchorage Digital said:
“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.”
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.”
Charles d’Haussy, CEO of dYdX Foundation, said:
“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.”
The dYdX Chain is the 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.”
