On July 1, Arcus, a DEX jointly created by dYdX Labs and Robinhood Crypto, officially launched its Beta version. The platform is deployed on Robinhood Chain and supports spot trading for 95 tokenized stocks, with plans to launch cross-asset perpetual contracts. Arcus is not an iterative product of dYdX Chain but a new product line developed by the dYdX team. Simultaneously, Robinhood Chain, an L2 built on the Arbitrum technology stack, has officially launched its public mainnet.
Before the announcement, the DYDX token surged from $0.15 to $0.24. After the announcement was made public, it fell to $0.13 this morning, erasing all gains. Its current market capitalization is $115 million, with an FDV of $136 million.
Future Plans: Staking Tokenized Stocks and Participating in Pre-IPO
According to the dYdX website, Arcus is strategically driven by dYdX founder Antonio Juliano, who serves as a board member, with Eddie Zhang as CEO and Founder. Eddie Zhang is the President of dYdX and previously co-founded and served as CEO of Pocket Protector.
Arcus's core selling points include a 24/7 trading environment with no market time restrictions, combined with self-custody, institutional-grade liquidity, and high-performance execution. Currently launched features include:
· Perpetual Contracts: Already on the testnet, targeting whales, market makers, and professional traders. Public testing will follow.
· Spot Trading: 95 Stock Token markets are open, with no waiting for listings. Coverage includes 80+ U.S. and international large/small-cap stocks, indices (e.g., SPY, QQQ), commodities (from precious metals to energy markets), and crypto assets (BTC, ETH, SOL, etc.). Web spot trading fees are 0%, with no commissions.
· Liquidity & Execution: Deep liquidity provided by institutional market makers, supporting API trading (order management, account data, market data).
· Funding & Access: Supports instant deposits via cash or cryptocurrency, with future support for Apple Pay, Google Pay, etc. An iOS App is coming soon. The platform emphasizes permissionless and unrestricted access but explicitly excludes users from the U.S., Canada, the U.K., and other restricted jurisdictions.
Features to be launched or in Beta:
· Pre-IPO Access: Early investment access to hot private companies like OpenAI before they go public.
· Tokenized Stocks as Collateral: In the future, users can use their tokenized stock holdings as collateral for perpetual trading, enabling cross-asset strategies (e.g., long Apple while shorting oil).
A Fresh Start After Being Marginalized?
Since its launch in 2018, dYdX has been a pioneer among Perp DEXs, with cumulative trading volume exceeding $1 trillion. However, the v4 version, while achieving full decentralization, made compromises in performance and user experience. Coupled with heavily criticized tokenomics, this led to its rapid marginalization.
Arcus leverages Robinhood Chain's nearly 28 million clients (across 38 countries and three continents) to provide a retail-level traffic entry point for Arcus. Robinhood Wallet users in 120+ countries/regions can access Stock Tokens and conduct spot trading via DEXs like Arcus. Furthermore, the application explicitly prioritizes entry into the Arcus ecosystem for dYdX traders, stakers, validators, and participants.
Arcus is designed as a community-owned protocol, combining dYdX's DeFi innovation expertise with Robinhood's proficiency in financial product creation.
In simple terms, the dYdX team has not abandoned its original chain. Instead, it seeks breakthroughs in the RWA sector and the 24/7 global trading scene through this new project. Traditional financial markets are constrained by opening hours and geography. By bringing assets like stocks, indices, and commodities on-chain, Arcus enables round-the-clock trading, productivity unlocking (lending, collateralization), and DeFi integration.
The launch of Arcus does not affect the independent operation of dYdX Chain. dYdX v4 remains a community-owned, fully open-source protocol, with user funds and positions fully accessible on dYdX Chain.
The dYdX Foundation has confirmed ongoing support for the chain. Arcus is more like a "parallel product" incubated by dYdX Labs, driven by the original core team but positioned to focus on the trading platform itself rather than full ecosystem governance.
Currently, the Arcus website and official channels have not announced specific token plans or timelines. However, given dYdX's history of notable airdrops, market participants generally hold expectations for potential new tokens or airdrops from Arcus.
