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Anchorage Digital Introduces Native DYDX Staking for Institutional Clients

Wed, 15 May 2024, 13:16 pm UTC

Institutional crypto platform Anchorage Digital has announced its support for native DYDX staking, allowing institutions to stake DYDX tokens from safe and secure custody at Anchorage Digital. Staking rewards will be distributed in USDC, offering a new avenue for institutional clients to earn rewards and contribute to the growth of the dYdX ecosystem.

Anchorage Digital, home to the only federally chartered digital asset bank, offers a suite of services including crypto custody, staking, and other financial solutions to both traditional and decentralized finance sectors. Since the mainnet launch in August 2021, Anchorage Digital has supported ethDYDX custody, and following the launch of the dYdX Chain in Q4 of last year, it has expanded to native DYDX custody. The latest addition of staking support represents a significant step in promoting secure institutional participation in the dYdX ecosystem.

“For many institutions, custody is just the start. Increasingly, institutions want to engage in staking, earn rewards, and contribute to the long-term scaling of innovative networks like dYdX. By adding staking support for its native token, DYDX, Anchorage Digital is proud to help unlock a new era of institutional participation in the dYdX ecosystem,” said Nathan McCauley, CEO and Co-Founder of Anchorage Digital.

Anchorage Digital supports hundreds of top digital assets, chosen based on institutional demand and stringent quality and safety standards. Through Anchorage's platform, clients can easily stake DYDX tokens and receive staking rewards in USDC, with both the DYDX tokens and USDC rewards held securely.

“Anchorage Digital's integration of native DYDX staking initiates a new era of institutional engagement with dYdX. Staking involves more than just the accumulation of USDC rewards; it is a proactive effort to enhance the growth and sustainability of the dYdX ecosystem. This collaboration provides best in class custody solutions and boosts the attractiveness of the protocol,” stated Charles d’Haussy, CEO of dYdX Foundation.

The dYdX Chain is a leading DeFi protocol specializing in perpetual futures, fully decentralized and community-governed. It distributes 100% of protocol fees to DYDX stakers, reinforcing the security of the dYdX Chain. Since its launch six months ago, the dYdX Chain has facilitated over $136 billion in cumulative trading volume and distributed over $23 million in USDC as staking rewards to nearly 20,000 stakers, with a current annual return rate of 18% as of May 13, 2024, according to Mintscan. Anchorage Digital's staking support for native DYDX is expected to further stimulate institutional interest by offering secure and regulated custodial services, fostering institutional adoption and ecosystem growth.

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