A crypto whale deposited more than $4 million worth of dYdX (DYDX) on crypto exchange Kraken on Monday as the asset’s price rose, according to blockchain tracker Lookonchain.
DYdX is a decentralized derivatives exchange.
The project’s native token rose 30% on Monday, the day the whale made the deposit. According to the researchers, the whale would have made a profit of $1.5 million if he had sold the DYDX Look at chain.
DYDX is trading at $4.11 at the time of writing. The 72nd-ranked crypto asset by market cap is up more than 9% in the past 24 hours, more than 59% in the past week and more than 117% in the past month.
Venture capitalist Arthur Cheong is optimistic about the entire decentralized derivatives sector. The founder and CEO of DeFiance Capital thinks decentralized derivatives trading can easily grow by 5 to 10x.
“We are most optimistic about decentralized derivatives. If you look at all the numbers, it indicates that the derivatives trading sector is the largest crypto market. I think the annual revenue generated by derivatives trading in this space is probably $10 to $15 billion under current market conditions.
If we go back to the bull market, I think we’re looking at $20 to $30 billion just from derivatives trading alone. So currently, decentralized derivatives platforms can only account for 2 to 5% of the market share.
I think this will grow significantly in the coming years. I think we should at least get to 20% in the next two years.”
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Generated image: Midjourney
