DYDX ETP：將Defi衍生物橋接到機構

21shares推出了DYDX ETP，為機構提供了對Defi衍生產品的訪問權限，並提供了1.4萬億美元的市場。

DYDX ETP: Bridging DeFi Derivatives to Institutions

DYDX ETP：將Defi衍生物橋接到機構

The launch of the 21Shares DYDX ETP marks a pivotal moment, connecting decentralized finance (DeFi) derivatives with institutional investors. This move provides regulated exposure to the dYdX protocol, tapping into a market ripe with potential.

21shares dydx ETP的推出標誌著一個關鍵時刻，將分散的金融（DEFI）衍生品與機構投資者聯繫起來。此舉提供了對DYDX協議的受監管接觸，從而利用了潛力的市場成熟市場。

dYdX ETP: A Regulated Gateway to DeFi Derivatives

DYDX ETP：通往Defi衍生物的監管門戶

21Shares has launched a physically-backed DYDX ETP, listed on Euronext Paris and Amsterdam. This ETP offers institutions a regulated route to access DeFi derivatives, specifically the DYDX token. The dYdX Treasury subDAO supports the ETP, linking on-chain governance with a listed instrument in traditional markets.

21Shares推出了一個物理支持的DYDX ETP，該ETP列於Paris和Amsterdam上。該ETP為機構提供了訪問Defi衍生物的規範途徑，特別是DYDX令牌。 DYDX財政部Subdao支持ETP，將鏈政策與傳統市場中列出的工具聯繫起來。

Mandy Chiu from 21Shares highlights this as a milestone, enabling institutions to use their existing infrastructure for traditional financial assets to engage with dYdX. This ETP joins other single-asset products from 21Shares, expanding their DeFi offerings.

來自21shares的Mandy Chiu強調了這是一個里程碑，使機構能夠利用其現有的基礎設施來與傳統的金融資產與DYDX互動。該ETP加入了來自21shares的其他單位資產產品，擴大了其偏差產品。

dYdX's Expanding Ecosystem

DYDX的擴展生態系統

The dYdX protocol boasts over $1.4 trillion in cumulative trading volume and lists over 230 perpetual futures markets. 21Shares aims to bridge this substantial DeFi derivatives activity to traditional finance through its ETP. Plans for DYDX staking with auto-compounding features, directing rewards into token buybacks, are also in the works.

DYDX協議的累計交易量超過1.4萬億美元，並列出了230多個永久期貨市場。 21shares旨在通過其ETP橋接這種實質性的典型衍生物活動。具有自動化合物功能的DYDX Staking計劃，也正在將獎勵引導到代幣回購中。

dYdX is also planning near-term exchange-level features, including Telegram trading and a Solana spot market. Perpetual futures tied to real-world assets like equities are also on the roadmap.

DYDX還計劃近期交流級的功能，包括電報交易和Solana現貨市場。與現實世界中的股票等現實資產相關的永久期貨也在路線圖上。

Institutions and DeFi: A Growing Trend

機構和defi：增長的趨勢

The 21Shares DYDX ETP is part of a broader trend of institutions moving into DeFi. Other examples include Kraken derivatives launching under CFTC oversight and Cboe planning continuous futures for Bitcoin and Ether. These developments indicate a growing appetite for regulated crypto derivatives among institutions.

21shares dydx ETP是機構進入Defi的更廣泛趨勢的一部分。其他示例包括在CFTC監督下啟動的KRAKEN衍生品和比特幣和以太的CBOE計劃連續期貨。這些事態發展表明，機構之間對監管加密衍生物的需求日益增長。

Hyperliquid's Rise in DeFi Derivatives

超流動性的Defi衍生物上升

While dYdX is making strides, Hyperliquid has emerged as a significant player in the DeFi derivatives space. By August 2025, it commanded 80% of the decentralized perpetual contracts market share, processing $357 billion in monthly trading volume. Its hybrid architecture and fee-driven tokenomics have contributed to its success.

在DyDX取得了長足的進步雖然中，Hyperliquid已成為Defi衍生物空間中的重要參與者。到2025年8月，它命令了分散的永久合同市場份額的80％，每月交易量為3570億美元。它的混合體系結構和收費式的下列組學為其成功做出了貢獻。

The Future of DeFi Derivatives and Institutional Adoption

Defi衍生品和機構採用的未來

The launch of the 21Shares dYdX ETP and the rise of platforms like Hyperliquid signal a maturing DeFi derivatives market. As regulatory frameworks become clearer and infrastructure improves, more institutions are expected to enter the space. This will drive further innovation and growth in the DeFi ecosystem.

21shares dydx ETP的推出以及諸如Hyproliquid信號的平台的崛起是成熟的偏移衍生物市場。隨著監管框架變得更加清晰並改善了基礎設施，預計會有更多的機構進入該空間。這將推動Defi生態系統的進一步創新和增長。

Final Thoughts

最後的想法

So, what does this all mean? Basically, the cool kids (institutions) are finally starting to notice DeFi. With regulated products like the DYDX ETP, they can dip their toes in without getting their Gucci loafers muddy. It’s like DeFi is finally getting its invite to the grown-up table. Exciting times ahead!

那麼，這全是什麼意思？基本上，很酷的孩子（機構）終於開始注意到Defi。借助諸如DYDX ETP之類的受調節產品，它們可以將腳趾浸入而不弄髒Gucci Loafers。就像Defi終於被邀請到成年桌子一樣。令人興奮的時刻！