dYdX Launches LINK-USD Perpetual Contracts Trading DeFi Rate

dYdX – the leading DeFi margin-trading platform – has launched its new LINK-USD perpetual swap contract, enabling users to trade LINK with up to 8x leverage.

LINK-USD Perpetual Contract Market is live for trading. Traders can get up to 8x leverage on $LINK, with self-custody & decentralized settlement. To celebrate, we are giving traders for this market 50% off fees for the first 7 days of trading. Trade now: https://t.co/ELGbm2pLxv

— dYdX (@dydxprotocol) August 25, 2020

The launch comes with half-priced fees on the market for its first week of trading. The LINK perp is the third perpetual contract following BTC-USD and ETH-USD, offering futures contracts with no expiry for non-US traders.

LINK-USD perpetual futures contracts are now live on dYdX Exchange.

LINK-USD Contract Details

The new LINK-USD perpetual contract will be using Chainlink’s very own oracle for its price feed, in order to manage funding fees and liquidations.

Being perpetual contracts, LINK-USD contracts will have no expiry date, with the price being kept in check via a dynamic funding fee, charged to open positions on a per-second basis.

Minimum taker orders are set at 15 LINK, while limit orders must be a minimum of 1200 LINK. Maker fees are negative, paying a 0.025% rebate, while taker fees are charged at 0.15%.

All dYdX contracts are open-source and audited by Open Zeppelin.

About Chainlink

Chainlink (LINK) is a decentralized oracle network based on Ethereum, which is used to provide off-chain data to on-chain systems in a reliable way.

The LINK token has soared in value during 2020, with Chainlink’s market cap increasing more than seven-fold so far this year.

Chainlink is currently used to secure over $2 billion in value across the DeFi ecosystem.

About dYdX

dYdX is a popular decentralized margin-trading exchange, which supports both spot and futures markets as well as lending and borrowing services.

The protocol was founded in 2017 and has received backing by major investor names, including Andreessen Horowitz and Polychain capital.

dYdX plans to add further perpetual contract markets to their platform in the near future along with deploying a L2 scaling solution in partner with StarkWare and their StarkEX engine to improve their trading experience.

The post dYdX Launches LINK-USD Perpetual Contracts Trading appeared first on DeFi Rate.

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