finbold.com
Anchorage Digital, an institutional crypto platform, has announced support for native DYDX staking, according to the information shared with Finbold on May 14.
The development allows institutions to stake DYDX directly from their secure custody at Anchorage Digital and earn staking rewards distributed by the protocol in USD Coin (USDC).
Anchorage Digital crypto services
Home of the only federally chartered digital asset bank, Anchorage Digital offers a range of crypto services, including custody and staking.
Moreover, serving as the preferred partner for crypto innovators, Anchorage Digital has been supporting ethDYDX custody since its mainnet launch in 2021 and native DYDX custody since the dYdX Chain’s launch in Q4 of the same year.
With the staking support expansion, Anchorage Digital takes a significant step forward in facilitating safe and secure institutional involvement in the dYdX ecosystem.
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, remarked:
“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.”
Staking DYDX on Anchorage Digital
Anchorage Digital supports hundreds of top assets selected based on institutional demand and stringent quality and safety standards.
Clients can now easily stake DYDX to earn rewards, with both the underlying assets (DYDX tokens) and staking rewards (USDC tokens) securely held in custody on the Anchorage Digital platform.
Charles d’Haussy, CEO of dYdX Foundation, stated:
“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.”
Driving Decentralization on the dYdX Chain
The dYdX Chain stands out as the leading decentralized finance (DeFi) protocol focusing on perpetual futures, entirely decentralized and community-governed.
It distributes 100% of protocol fees to DYDX stakers to fortify the security of the dYdX Chain.
Since its launch, the dYdX Chain has generated over $136 billion in cumulative trading volume and distributed over $23 million in USDC as staking rewards to nearly 20,000 stakers, according to Mintscan.
Anchorage Digital’s integration of staking support for native DYDX enhances institutional interest by providing secure and regulated custodial services.
This partnership offers a compliant staking solution for DYDX token holders and fosters institutional adoption, contributing to the ecosystem’s growth.