DYDX ETP：将Defi衍生物桥接到机构

21shares推出了DYDX ETP，为机构提供了对Defi衍生产品的访问权限，并提供了1.4万亿美元的市场。

DYDX ETP: Bridging DeFi Derivatives to Institutions

DYDX ETP：将Defi衍生物桥接到机构

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的推出标志着一个关键时刻，将分散的金融（DEFI）衍生品与机构投资者联系起来。此举提供了对DYDX协议的受监管接触，从而利用了潜力的市场成熟市场。

dYdX ETP: A Regulated Gateway to DeFi Derivatives

DYDX ETP：通往Defi衍生物的监管门户

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推出了一个物理支持的DYDX ETP，该ETP列于Paris和Amsterdam上。该ETP为机构提供了访问Defi衍生物的规范途径，特别是DYDX令牌。 DYDX财政部Subdao支持ETP，将链政策与传统市场中列出的工具联系起来。

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.

来自21shares的Mandy Chiu强调了这是一个里程碑，使机构能够利用其现有的基础设施来与传统的金融资产与DYDX互动。该ETP加入了来自21shares的其他单位资产产品，扩大了其偏差产品。

dYdX's Expanding Ecosystem

DYDX的扩展生态系统

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协议的累计交易量超过1.4万亿美元，并列出了230多个永久期货市场。 21shares旨在通过其ETP桥接这种实质性的典型衍生物活动。具有自动化合物功能的DYDX Staking计划，也正在将奖励引导到代币回购中。

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还计划近期交流级的功能，包括电报交易和Solana现货市场。与现实世界中的股票等现实资产相关的永久期货也在路线图上。

Institutions and DeFi: A Growing Trend

机构和defi：增长的趋势

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是机构进入Defi的更广泛趋势的一部分。其他示例包括在CFTC监督下启动的KRAKEN衍生品和比特币和以太的CBOE计划连续期货。这些事态发展表明，机构之间对监管加密衍生物的需求日益增长。

Hyperliquid's Rise in DeFi Derivatives

超流动性的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取得了长足的进步虽然中，Hyperliquid已成为Defi衍生物空间中的重要参与者。到2025年8月，它命令了分散的永久合同市场份额的80％，每月交易量为3570亿美元。它的混合体系结构和收费式的下列组学为其成功做出了贡献。

The Future of DeFi Derivatives and Institutional Adoption

Defi衍生品和机构采用的未来

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的推出以及诸如Hyproliquid信号的平台的崛起是成熟的偏移衍生物市场。随着监管框架变得更加清晰并改善了基础设施，预计会有更多的机构进入该空间。这将推动Defi生态系统的进一步创新和增长。

Final Thoughts

最后的想法

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!

那么，这全是什么意思？基本上，很酷的孩子（机构）终于开始注意到Defi。借助诸如DYDX ETP之类的受调节产品，它们可以将脚趾浸入而不弄脏Gucci Loafers。就像Defi终于被邀请到成年桌子一样。令人兴奋的时刻！