dYdX Labs, the team behind a decentralized exchange (DEX) focused on perpetuals (perps), has unveiled a new platform, Arcus, on the Robinhood Chain.
According to the announcement, Arcus will be separate from dYdX and its chain, but will charge zero fees and allow traders to trade around the clock.
We built Arcus to minimize these barriers. Arcus offers traders 24/7 access to 95 tokenized and perpetual stocks backed by Robinhood Chain’s deep liquidity.
Robinhood Crypto’s head of asset management, Seong Seog Lee, also described this as a way to democratize access to financial markets.
Robinhood has always believed that financial planning should work for everyone. Arcus is the natural extension of that service to the onchain world.
The platform will start with perps and stock trading and will later be expanded to pre-IPO offerings and allow stocks as collateral.
Needless to say, the update has been delayed for the past five days. Traders have been leading the announcement, pushing the DYDX token to almost double.
dYdX loses 45% after starting Arcus
But the final update became a ‘selling-story’ event foretold and AMBCrypto. At the time of writing, DYDX, the dYdX token, is down a whopping 45%, effectively erasing the gains made prior to the Arcus announcement.
Needless to say, the Arcus update has no link or direct impact on the native brand. In a statement, the dYdX Foundation said,
DYDX is, and still is, the authority and symbol of the dYdX Chain. Its mechanics, composition, and functionality remain unchanged.
That said, the Arcus update saw an increase in the indicator to record Weighted Sentiment. However, Supply on Exchanges rose slightly while the number of Tokens Off Exchanges remained flat (blue line).
This means that although the changes were positive, they did not create a high demand for the DYDX indicator, as is emphasized by the blue line. In other words, traders did not jump to accumulate the signal after the change.
Therefore, it was not a surprise, since the announcement had been made in the past few days. That said, the 200-day Moving Average (MA, the blue line in the price range) and current support may be below the price.
If that’s the case, the big losses could be a buying opportunity only if the broader market sentiment also improves.
Brief Summary
- The team behind dYdX has unveiled a virtual DEX, Arcus, which will be launched on the Robinhood Chain.
- According to the project team, Arcus can help democratize access to stock markets, but DYDX traders have changed.
