According to breaking information, DYDX, a major altcoin, is in talks to sell its decentralized exchange platform.
Two people said that Wintermute Trading and Selini Capital were among the potential buyers of the dYdX v3 software and asked to remain anonymous as the negotiations were not made public.
DYdX Trading Inc, the company behind the DyDx decentralized exchange, is reportedly in talks to sell some of its derivatives trading software.
The potential buyers, a consortium that includes some of the largest market makers in the crypto space, were not disclosed. According to anonymous sources, interested parties include Wintermute Trading Ltd. and Selini Capital. The sales talks, which have not yet been made public, include dYdX v3 software.
Perella Weinberg Partners is said to be advising New York-based DYdX Trading on the deal. Representatives for dYdX, named after the mathematical notation of a derivative, and Perella Weinberg did not respond to requests for comment. Spokespeople for Wintermute and Selini also remained silent on the issue.
According to an analysis by crypto risk modeling firm Gauntlet, the v3 platform continues to attract investors due to its higher liquidity for certain tokens. The platform also offers fewer slippages on large trades, referring to the price change between placing and executing an order on an exchange.
The v3 platform, backed by venture capital firms such as Andreessen Horowitz and Paradigm, generated $137 million in fees in 2022, as VanEck estimated in its March 2023 report. This figure was based on a total trading volume of $466.3 billion from more than 33,900 unique traders.
According to tracking organization DeFiLlama, the V3 platform is expected to generate approximately $18.67 million in revenue this year. However, US residents are not allowed to trade on the exchange.
*This is not investment advice.
