Anchorage Digital now offers DYDX staking for institutions

Anchorage Digital, an institutional crypto platform, today announced its support for native dYdX staking to enable institutions to stake DYDX tokens securely and earn staking rewards distributed in USDC, a stablecoin pegged to the US dollar. The move is part of Anchorage Digital’s effort to bolster institutional participation in the booming decentralized finance (DeFi) space.

As the sole federally chartered digital asset bank, Anchorage Digital offers a suite of services including custody, staking, and more, catering to both traditional and decentralized finance players. This move signifies a significant stride towards fostering safe and secure institutional involvement in the dYdX ecosystem.

Anchorage Digital co-founder and CEO Nathan McCauley highlighted the growing interest among institutions to not only custody digital assets but also actively participate in staking and contribute to the expansion of innovative networks like dYdX.

“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,” McCauley said.

Anchorage Digital’s integration of native dYdX staking signifies a pivotal moment in institutional engagement with dYdX, according to Charles d’Haussy, CEO of dYdX Foundation. Staking, he highlights, goes beyond mere accumulation of rewards; it signifies a proactive effort to fortify the growth and sustainability of the dYdX ecosystem.

“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,” d’Haussy noted.

The dYdX Chain, renowned as a leading DeFi protocol focusing on perpetual futures, boasts full decentralization and community governance. It redistributes all protocol fees to dYdX stakers, enhancing the chain’s security. Since its inception 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, yielding an annual return rate of 18% as of May 13, 2024.

Anchorage Digital’s staking support for native dYdX not only enhances institutional interest but also provides a compliant staking solution for DYDX token holders, thereby fostering institutional adoption and contributing to the ecosystem’s growth.

Anchorage Digital stands as a prominent crypto platform empowering institutions to delve into digital assets through a range of services including custody, staking, trading, governance, settlement, and robust security infrastructure. Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., anchors the platform, serving institutions across multiple offerings and locations.

It’s worth noting that the dYdX Chain software is open-source, allowing its use or implementation by any party following applicable licenses. Users engaging with the dYdX Chain software do so in a permissionless and disintermediated manner, subject to the terms of relevant licenses and code. At no point should interactions with the dYdX Chain software be construed as dealings with the dYdX Foundation.