A crypto whale deposited more than $4 million worth of dYdX (DYDX) to the crypto exchange Kraken on Monday as the asset’s price pumped, according to the blockchain tracker Lookonchain.
DYdX is a decentralized derivatives exchange.
The project’s native token surged by 30% on Monday, the day the whale made the deposit. The whale would have made a profit of $1.5 million if it sold the DYDX, according to Lookonchain.
DYDX is trading at $4.11 at time of writing. The 72nd-ranked crypto asset by market cap is up by more than 9% in the past 24 hours, more than 59% in the past week and more than 117% in the past month.
Venture capitalist Arthur Cheong is bullish on the whole decentralized derivatives sector. The founder and CEO of DeFiance Capital thinks decentralized derivatives trading could easily grow by 5-10x.
“We are most bullish on decentralized derivatives. When you look at all the numbers, it points at the derivatives trading sector as the biggest market in crypto. I think the annual revenue generated by derivatives trading in the space is probably $10 to $15 billion in current market conditions.
If we go back to the bull market, I think we’re looking at $20 to $30 billion, just from derivatives trading alone. So right now, the decentralized derivatives platforms only can do 2 to 5% of the market share.
I think this is poised to grow significantly over the next few years. I think we should at least get to 20% in the next two years.”
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The post Crypto Whale Deposits Over $4,000,000 Worth of DYDX to Kraken After 117% Rally in a Month appeared first on The Daily Hodl.