21Shares Launches DYDX ETP, Unlocking Institutional Access to On-Chain Derivatives

Key Takeaways:

• The first DYDX ETP by 21Shares is an institutional, regulated, and open-market investment enabling institutional investors to access one of the leading derivatives protocols on DeFi.
• dYdX has carried out an excess of 1.4 trillion deals and is currently running 230+ perpetual markets, which are available as a secure, exchange-traded wrapper.
• Launch follows increasing institutional attention to on-chain derivatives and 21Shares lists DYDX alongside traditional financial products on licensed European exchanges

Just in time the institutional doors to decentralized derivatives swung open. To make a splash in DeFi adoption, 21Shares has just unveiled the first exchange-traded product (ETP) tracking DYDX, the native token that runs the dYdX Chain, to professional investors on regulated European exchanges.

Bridging Traditional Finance with DeFi Derivatives

DYDX 21Shares ETP is the first time that institutions have a historic entry point into decentralized derivatives. This product, backed by the dYdX Treasury subDAO, has been made in partnership with kpk (previously Karpatkey), which serves as an operational support and not merely an ETP, it is a marker of maturity in the DeFi industry.

Product Overview

This is a physically supported ETP that is expected to follow the performance of DYDX in the market. It offers secure and compliant exposure to one of the earliest decentralized protocols to offer perpetual futures which are products that only centrally or traditionally were offered on centralized trading platforms.

Regulated Access, Institutional Grade

The DYDX ETP has regulatory approvals, physical support, and trading on Euronext Paris and Amsterdam, enabling asset managers, hedge funds, and other institutional allocators to communicate with DYDX with current financial infrastructure: no wallets, no smart contracts, no on-chain complexities.

dYdX – The Powerhouse Behind the Token

dYdX is already one of the most influential derivatives in the world and has:

• $1.4+ trillion in cumulative trading volume
• 230+ perpetual markets
• A fast-expanding user base across continents

With 21Shares wrapping DYDX as an ETP, it is technically putting dYdX in the hands of institutions- making a DeFi protocol look like a conventional financial security. “With this ETP, DYDX becomes as accessible as any listed asset,” said Marcelo Ruiz de Olano, CEO of kpk. “It simplifies exposure to one of the most dynamic and revenue-generating protocols in DeFi.”

Read More: dYdX Launches Token Buyback Program, Prices Booming

DYDX ETP: Bridging Regulatory Barriers and Opening Crypto to Institutions

Complex custody and regulatory issues and unfamiliarity have always made institutions hesitant to directly work with on-chain platforms. The DYDX ETP removes such barriers by:

• Regulated, exchange-listed exposure to DYDX.
• Eliminating the necessity to store self-custody and direct smart contract interaction.
• In line with current operational standards that are applied by conventional financial institutions.

This framework is similar to the infrastructure of the more conventional ETFs, and therefore large capital allocators can justify crypto derivatives in their portfolios.

dYdX Expansion Roadmap Aligns with ETP Launch

The DYDX ETP does not just enter a vacuum, it does so at a time when several key upgrades are in the pipeline to make the protocol more valuable to investors in the long term:

• Telegram Trading (September 2025): Inter-platform trading and unbuilt incentives to grow.
• Spot Trading Launch: The first exchange, which introduces the Solana market to DeFi.
• Real-World Asset Perpetuals: Indexes, equities, and pre-IPO assets that will be tokenized to trade as a perpetual.
• Stake-for-Fee Discounts: DYDX long-term holders receive reduced fees.
• Widened Deposit Possibilities: USDT, Solana, and on-ramps into fiat.

These developments indicate that dYdX is quickly evolving to be a full-service decentralized trading system-a unicorn that combines derivatives, spot markets and the integration of real-world assets.

An Established ETP Innovation Leader – 21Shares

With offices in Switzerland, 21Shares is not new to institutional quality crypto products. The firm is already one of the largest ETP issuers in Europe, and brings:

• History of regulatory compliance.
• Knowledge in product design and onboarding an institution.
• Collaborations with leading participants of the DeFi ecosystem.

Read More: 21Shares Files for Dogecoin ETF in U.S. as Crypto Market Eyes Institutional Momentum

This is solidified by their involvement in the launching of the DYDX ETP into the market, which acts as a transition between the traditional capital markets and the Web3 innovation. This is a logical addition to our line, said Mandy Chiu, Head of Financial Product Development at 21Shares. Institutions may now access DYDX in the same manner they access equities, bonds and commodities.