Arcus Chooses Stepfather Robinhood Chain, Leaving Biological Father dYdX Awkwardly Making Up for It

marsbitPubblicato 2026-07-03Pubblicato ultima volta 2026-07-03

Introduzione

Robinhood launched its public mainnet, Robinhood Chain, a Layer 2 network built on Arbitrum. This move attracted major protocols like Uniswap and Chainlink. However, a new decentralized exchange, Arcus, developed by the dYdX team, became a focal point by choosing to launch on Robinhood Chain instead of the dYdX Chain. Arcus offers zero-fee, 24/7 trading of tokenized stocks and perpetual contracts. This decision sparked community concerns about dYdX Chain's future, dYdX's focus, and the value of the DYDX token, leading to a sharp price drop. dYdX founder Antonio Juliano clarified that dYdX Chain will continue operating but acknowledged Arcus as a separate, independent product. He mentioned future Arcus tokens might be partly allocated to the dYdX community. The dYdX Foundation reaffirmed that DYDX remains the governance token for dYdX Chain, with no current plans for token migration. The core question remains how dYdX Chain and DYDX token holders will benefit from Arcus's potential growth, creating uncertainty for existing stakeholders.

Author | Asher(@Asher_ 0210)

Yesterday morning, Robinhood announced the official public mainnet launch of its proprietary Layer 2 network, Robinhood Chain. Built on the Arbitrum tech stack, the chain is positioned as institution-grade, permissionless, AI-native, and specifically designed for real-world assets (RWA).

In other words, Robinhood isn't aiming to add just another chain to the crypto space; it wants to consolidate stocks, RWA, lending, trading, and on-chain financial products within its own infrastructure.

As the big platform steps in, key ecosystem players are quickly aligning themselves.

Leading protocols such as Uniswap, 1inch, Lighter, Morpho, Chainlink, BitGo, Ethena, and EtherFi have successively announced integration with Robinhood Chain, covering core crypto sectors like trading, liquidity, lending, oracles, custody, and cross-chain.

Overview of Robinhood Chain Ecosystem Projects

Amidst this grand ecosystem integration, Arcus, a new DEX launched by the dYdX team, has ironically become the focal point of community discussion.

Community users raised questions: Is dYdX Labs shifting its focus to Arcus? Will the original dYdX Chain be sidelined? Can the DYDX token continue to capture protocol value in the future? How will Arcus be associated with the dYdX ecosystem?

Affected by the related controversy, DYDX fell over 12% in the past 24 hours, with its current market cap temporarily at $108 million.

DYDX Token Price Chart (Last 7 Days)

What is Arcus? 7x24 Zero-Fee Trading of Tokenized Stocks

Arcus: A decentralized exchange developed by the dYdX team, now open for early waitlist

Arcus is a decentralized exchange developed by the dYdX team, now live on Robinhood Chain, offering 7x24 zero-fee trading for 95 tokenized stocks and perpetual contracts. Arcus supports tokenized trading of stocks, commodities, indices, and crypto assets. All tokenized stocks are issued by and redeemable on Robinhood Chain, can be self-custodied, and integrated into the DeFi ecosystem.

Arcus x Robinhood: 24/7 Trading of Stocks and Perpetuals

Currently, Arcus has opened its early waitlist (Link: https://waitlist.arcus.xyz/). Users can complete the interaction by connecting their personal X account and wallet.

Arcus Has Opened Early Waitlist

Additionally, Arcus plans to support tokenized stocks and crypto assets as collateral for perpetual contracts in the future and offer pre-IPO trading for popular private companies like OpenAI.

Future Arcus tokens will be allocated to the dYdX community

At first glance, Arcus, the DEX developed by the dYdX team, is capitalizing on this year's crypto narrative—tokenized stocks. However, the issue is that Arcus is not deployed on dYdX Chain; instead, it has chosen to operate on Robinhood Chain and is being developed as an independent product with independent infrastructure. This suggests that dYdX Labs is telling a new growth story, but one that doesn't place dYdX Chain and the DYDX token at its core.

More subtly, dYdX founder Antonio Juliano stated in the latest dYdX documentation that "a portion of future Arcus tokens will be allocated to the dYdX community." While this statement aims to reassure the old community, it also directly amplifies the expectation of an Arcus token launch, making many users pay more attention to new potential airdrop opportunities.

Arcus Tokens to be Allocated to dYdX Community

Considering that dYdX conducted one of the largest airdrops in the industry, once Arcus initiates trading incentives, point campaigns, or early user programs, it could attract a portion of traders and liquidity to shift towards the new platform in advance. For dYdX Chain, this means trading volume and activity, already under pressure, might face further diversion.

dYdX Founder Responds: Arcus is a New Product, dYdX Chain Won't Be Halted

Facing community questions, dYdX founder Antonio Juliano explained that dYdX Chain has gone very deep on decentralization, featuring open-source architecture, community governance, over 200 markets, and more than 50 validators running order books.

However, he also admitted that this path came with trade-offs in performance and user experience. As on-chain derivatives competition intensifies, the market is rewarding faster, simpler, and more liquidity-concentrated trading platforms. Arcus was born in this context.

Furthermore, Antonio stated that Eddie Zhang will serve as CEO and Founder of Arcus, while he himself will join the board, responsible for strategy and long-term vision. In other words, Arcus is not a new feature on dYdX Chain but a new trading platform separately advanced by dYdX Labs.

Addressing the old community, Antonio said dYdX v4 will continue to be supported, and user funds and positions will remain accessible on dYdX Chain; if Arcus issues tokens in the future, a portion will be reserved for the dYdX community, prioritizing users who have previously participated in dYdX trading, staking, validation, and community building.

Subsequently, the dYdX Foundation further emphasized that Arcus is an independent product built on independent infrastructure, and dYdX Chain will not be affected. DYDX remains the governance and staking token for dYdX Chain; its mechanisms, supply, and operational characteristics are unchanged, and there are currently no plans for token swaps or migration.

But the market's concern isn't just about "whether dYdX Chain will still work."

The real question is: If Arcus generates significant trading volume and revenue in the future, can dYdX Chain share in that growth? If Arcus issues a new token, how much equity will DYDX holders receive? And how will dYdX Labs allocate resources between Arcus and dYdX Chain going forward?

Until clear answers are provided to these value-accrual questions, Arcus represents a new story for dYdX Labs but, for DYDX holders, is more like a pending problem to solve.

Crypto di tendenza

CitreaCTR

wrapped stUSDTWSTUSDT

Velodrome FinanceVELODROME

BrevisBREV

ZRX（0X）ZRX

Domande pertinenti

QWhat is the main reason behind the community's concern regarding dYdX after the launch of Arcus on Robinhood Chain?

AThe community is concerned that dYdX Labs may be shifting its focus and resources to the new project Arcus, potentially marginalizing the original dYdX Chain. This raises questions about whether the DYDX token will continue to capture protocol value and how future growth and value from Arcus will be shared with the existing dYdX ecosystem and its token holders.

QWhat are the key features and offerings of the new DEX, Arcus, developed by the dYdX team?

AArcus is a decentralized exchange offering 7x24 hour, zero-fee trading of tokenized stocks and perpetual contracts. It currently supports 95 tokenized stocks, issued and redeemable on Robinhood Chain, and plans to support using these assets as collateral for perpetuals and offer pre-IPO trading for private companies like OpenAI.

QAccording to dYdX founder Antonio Juliano, how are Arcus and dYdX Chain positioned in relation to each other?

AAntonio Juliano clarified that Arcus is a new, independent product built on separate infrastructure (Robinhood Chain), not a feature on dYdX Chain. It is being developed to address market demands for speed and user experience. He stated that dYdX v4 and dYdX Chain will continue to be supported and maintained as a separate platform.

QHow did Antonio Juliano and the dYdX Foundation attempt to address the concerns of the existing dYdX community?

AThey attempted to reassure the community by stating that dYdX Chain operations will continue unaffected, user funds are safe, and DYDX token's role for governance and staking remains unchanged. Furthermore, they announced that a portion of any future Arcus token would be allocated to the dYdX community, prioritizing past participants in trading, staking, validation, and community activities.

QWhat was the immediate market reaction to the news and controversy surrounding Arcus and dYdX?

AThe DYDX token price dropped by over 12% in 24 hours following the news and community debates. This reflects market uncertainty and concern about potential value diversion from the dYdX ecosystem to the new Arcus project.

Letture associate

The First SEC-Compliant Tokenized Stock Launches in the US: Ondo Brings S&P 500 ETF and Micron On-Chain

On July 2nd, Ondo Finance announced the tokenization of BlackRock's S&P 500 ETF (IVV) and Micron Technology stock on Ethereum. This marks the first practical implementation in the US of the SEC's proposed "third-party custody model" from January. The underlying securities remain within the traditional custodial system, with token holders able to exercise voting rights via Broadridge. Ondo aims to prove that mainstream assets can be compliantly brought on-chain. Unlike synthetic models (like Robinhood's OpenAI-linked tokens), this custody-backed model grants token holders equivalent shareholder rights and protections. While a significant regulatory milestone involving traditional finance infrastructure like Broadridge, the products are currently unavailable to US investors. Furthermore, the SEC's supportive stance is only a staff statement, not a formal rule, leaving some regulatory uncertainty. The direct impact on Ondo's token price was limited, with broader significance contingent on future US investor access and expansion to more assets.

marsbit2 min fa

The First SEC-Compliant Tokenized Stock Launches in the US: Ondo Brings S&P 500 ETF and Micron On-Chain

marsbit2 min fa

Is a CeFi-to-DeFi rotation signaling crypto’s Q3 bottom? The data says…

FUD hit the crypto market in Q2, with over $600 million lost to exploits and a $20 billion TVL decline, the sharpest quarterly drop since 2021. This triggered widespread capital outflows from DeFi, exemplified by Aave's significant TVL decrease. However, early Q3 data suggests a potential reversal. Stablecoin inflows are rising across networks like Solana and Cardano, signaling returning risk appetite. Concurrently, CeFi lending saw its first quarterly decline since 2024. A key indicator is Aave's recent surge in new wallet addresses, its strongest since 2021. While more data is needed, these trends—rising on-chain liquidity, recovering TVL, and contracting CeFi activity—point to a possible CeFi-to-DeFi capital rotation, which could signal the market is bottoming ahead of a Q3 recovery.

ambcrypto10 min fa

Is a CeFi-to-DeFi rotation signaling crypto’s Q3 bottom? The data says…

ambcrypto10 min fa

Building USDC by Its Own Hands, Why Does Coinbase Turn to Support Competitor OUSD?

Coinbase, a key distributor of the dominant stablecoin USDC, has joined over 140 major companies—including Visa, Mastercard, and BlackRock—as a founding member of the Open USD (OUSD) alliance, a move that directly challenges the current stablecoin economic model. The new project aims to upend the established profit structure by offering zero minting and redemption fees and allocating the majority of reserve interest earnings to distribution partners, rather than the issuer. This shift highlights a growing power struggle in the $320+ billion stablecoin market, where platforms with massive user bases are demanding a larger share of the revenue generated from the underlying reserves. Circle, the issuer of USDC, saw its stock plummet 16% on the day of the OUSD announcement, reflecting investor concern over the potential strain on its crucial partnership with Coinbase. While Coinbase earned over $900 million from its USDC partnership in 2024, its support for a competing model gives it significant leverage as its revenue-sharing agreement with Circle nears expiration in August 2026. Circle CEO Jeremy Allaire defended the USDC model, emphasizing its decade-long development, deep liquidity, and extensive ecosystem integration, which he argues cannot be easily replicated by a large, potentially slow-moving consortium. He also questioned the sustainability of a zero-fee model and warned that diverting all reserve interest would leave issuers without funds for critical compliance and operational infrastructure. Analysts remain skeptical of OUSD's prospects, citing the "cold start" problem of building liquidity, potential governance challenges within a large alliance, and heightened regulatory scrutiny. The emergence of OUSD signals a broader industry bifurcation, where stablecoins are increasingly viewed as backend settlement tools. The core competition is shifting from technology to a direct negotiation over how profits from the network are distributed between issuers and the powerful distribution channels.

Foresight News14 min fa

Building USDC by Its Own Hands, Why Does Coinbase Turn to Support Competitor OUSD?

Foresight News14 min fa

If MicroStrategy Really Sold 491 Bitcoins, How Big Would the Impact on the Market Be?

A prominent trader, Lightcrypto, claims that MicroStrategy, the largest corporate holder of Bitcoin, may have sold 491 BTC. At around $60,000 per BTC, this sale amounts to less than $30 million, a negligible 0.058% of its ~847,000 BTC holdings. The event's significance is not in its size but in its potential context. The company recently authorized a framework to sell up to $1.25 billion in BTC to bolster dollar reserves, pay dividends, service debt, and repurchase shares. This move stems from pressures related to its Series A Preferred Stock (STRC), which is trading below its $100 target and now carries a 12% dividend yield—a significant cost for MicroStrategy. For MSTR stock, the framework was initially seen as positive, providing clarity and extending the company's financial runway. However, it marks a shift from MicroStrategy's long-standing narrative as a perpetual Bitcoin accumulator to a company that may now also be a seller to manage liabilities. For the Bitcoin market, 491 BTC itself has no material impact on supply/demand. The psychological impact is greater, as it challenges the perception of MicroStrategy as an unconditional, final buyer. The key future question is whether market participants will view any future sales as isolated events or as part of a new trend linking Bitcoin "belief" more directly to corporate cash flow needs.

marsbit29 min fa

If MicroStrategy Really Sold 491 Bitcoins, How Big Would the Impact on the Market Be?

marsbit29 min fa

ZCash reclaims $400, but here’s why the recovery could be short-lived

ZCash (ZEC) has seen a 5.28% price increase, reclaiming the $400 level amid a broader, albeit cautious, crypto market recovery at the start of July. However, analysis suggests this rebound may be short-lived. Despite a whale opening an $8.1 million long position, the lack of significant growth in Open Interest indicates weak speculative interest. The price structure remains bearish, with key resistance at the $480-$540 zone. Failure to overcome this supply area, coupled with a potential loss of the local $360-$380 support, could see ZEC retreat toward $300, especially if Bitcoin's own recovery falters.

ambcrypto40 min fa

ZCash reclaims $400, but here’s why the recovery could be short-lived

ambcrypto40 min fa

Trading

Spot

Articoli Popolari

Come comprare DYDX

Benvenuto in HTX.com! Abbiamo reso l'acquisto di dYdX (DYDX) semplice e conveniente. Segui la nostra guida passo passo per intraprendere il tuo viaggio nel mondo delle criptovalute.Step 1: Crea il tuo Account HTXUsa la tua email o numero di telefono per registrarti il tuo account gratuito su HTX. Vivi un'esperienza facile e sblocca tutte le funzionalità,Crea il mio accountStep 2: Vai in Acquista crypto e seleziona il tuo metodo di pagamentoCarta di credito/debito: utilizza la tua Visa o Mastercard per acquistare immediatamente dYdXDYDX.Bilancio: Usa i fondi dal bilancio del tuo account HTX per fare trading senza problemi.Terze parti: abbiamo aggiunto metodi di pagamento molto utilizzati come Google Pay e Apple Pay per maggiore comodità.P2P: Fai trading direttamente con altri utenti HTX.Over-the-Counter (OTC): Offriamo servizi su misura e tassi di cambio competitivi per i trader.Step 3: Conserva dYdX (DYDX)Dopo aver acquistato dYdX (DYDX), conserva nel tuo account HTX. In alternativa, puoi inviare tramite trasferimento blockchain o scambiare per altre criptovalute.Step 4: Scambia dYdX (DYDX)Scambia facilmente dYdX (DYDX) nel mercato spot di HTX. Accedi al tuo account, seleziona la tua coppia di trading, esegui le tue operazioni e monitora in tempo reale. Offriamo un'esperienza user-friendly sia per chi ha appena iniziato che per i trader più esperti.

155 Totale visualizzazioniPubblicato il 2024.12.13Aggiornato il 2026.06.02

Discussioni

Benvenuto nella Community HTX. Qui puoi rimanere informato sugli ultimi sviluppi della piattaforma e accedere ad approfondimenti esperti sul mercato. Le opinioni degli utenti sul prezzo di DYDX DYDX sono presentate come di seguito.