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Vandana Malik
Apr 20, 2020
by Vandana Malik

DYdX Produces More Than $1B Loans Since Launch

DYdX
Decentralized Finance, DeFi firms are going through a quite challenging period currently. Amid this, DYdX, an open trading and lending platform along with MakerDAO has reached a huge milestone. The company has just completed its debt auction.

Ever since dYdX has been launched, the firm has generated more than $1 billion in loans. This figure has been gained by the firm in just a year which is quite impressive and a huge success for the firm as well. The firm has reached its highest in the month of February and March which was more than $250 and $400 million. DYdX has reached around 317,000 total transactions across the platforms.

In the past year, dYdX has originated well over $1 Billion in loans ?? pic.twitter.com/ZJynUQ7JXy

DYdX comprises of seventh-largest DeFi protocol

Through this huge success, the platform has now reached the seventh-largest DeFi protocol as it has total $22.7 million locked assets. The platform represents almost 3% of overall decentralised finance.

In the past few weeks, the DeFi firms have gone through a lot of tests. The several DeFi firms have gone through a huge volatile situation which has occurred due to the market crash of March 12 and 13. DYdX has also seen a drop in value while another lending protocol, MarketDAO has gone through a huge debt crisis. Several other DeFi firms have also gone through some huge challenges in these few weeks.

Lending firms launched Chicago DeFi Alliance

A huge volatility has been going across the whole financial market. This volatility was due to the coronavirus pandemic which has caused a huge global crisis. Due to this, the DeFi industry has also been facing huge challenges and difficulties.

Concerning this, dYdX along with other DeFi firms has founded the Chicago DeFi Alliance. The main purpose of this alliance will be to support all the startups that are dealing with decentralised finance. This firms which are included in this alliance are Cumberland DRW, CM Digital, Compound Finance, VOlt Capital, TD Ameritrade, Arca and DV Trading.

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    DYdX Produces More Than $1B Loans Since Launch
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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