Swiss asset manager 21Shares has launched a new exchange-traded product (ETP) tied to dYdX, offering institutional investors secure and regulated access to one of DeFi’s largest perpetual futures protocols.
Key Takeaways
- 21Shares has launched a DYDX ETP that offers regulated exposure to dYdX, a leading decentralized derivatives exchange.
- The ETP is physically backed by DYDX tokens and supported by the dYdX Treasury subDAO and its operator, kpk.
- This launch expands 21Shares’ DeFi lineup, which already includes Aave, Uniswap, and Chainlink products.
- dYdX has facilitated over $1.4 trillion in trading volume, but institutional access was limited until now due to custody and compliance hurdles.
What Happened?
21Shares, Europe’s largest crypto ETP issuer, has launched a new investment product tied to the DYDX token. The ETP aims to simplify institutional access to decentralized derivatives by offering exposure to dYdX without requiring direct interaction with its protocol. This physically backed ETP is now trading on Euronext Paris and Amsterdam under the ticker DYDX.
The dYdX Foundation welcomes the launch of the 21Shares dYdX ETP (ticker: DYDX) on Euronext Paris and Amsterdam.
— dYdX Foundation (@dydxfoundation) September 11, 2025
Issued and managed by @21Shares, the ETP is 100% physically backed and provides European professional investors with regulated, custody-ready exposure to DYDX, the… pic.twitter.com/F3Ags8OqqJ
21Shares Targets Institutional Investors with DYDX ETP
The DYDX ETP is designed to meet the growing demand for regulated DeFi products. Backed one-to-one by DYDX tokens held with trusted custodians, the product aligns with institutional standards for compliance, security, and transparency. According to 21Shares, this launch represents a milestone in the adoption of decentralized finance by traditional institutions.
Mandy Chiu, Head of Financial Product Development at 21Shares, described the product as providing “institutional-grade access to one of the first decentralized exchanges to offer perpetual futures contracts.” She added that the ETP brings a “distinctive dimension” to 21Shares’ DeFi portfolio, particularly because dYdX specializes in derivatives trading.
Market maker Flow Traders will handle daily creations and redemptions to ensure that the product remains in line with its net asset value, while also providing deep liquidity and efficient pricing.
Why dYdX?
dYdX is already a dominant player in the DeFi space with over $1.4 trillion in cumulative trading volume across more than 230 perpetual markets. However, institutional participation has been limited by operational and regulatory challenges. The DYDX ETP changes this by acting as an on-ramp for institutions.
Charles d’Haussy, CEO of the dYdX Foundation, said the product “empowers institutions to harness DYDX’s pioneering technology” while the protocol itself remains “fully sovereign and decentralized” with community governance and more than 50 independent validators.
A Growing DeFi ETP Ecosystem
The DYDX ETP joins a growing family of DeFi-focused products from 21Shares, including those for Aave, Uniswap, and Chainlink, which were first launched in 2022. With the addition of DYDX, 21Shares now offers 48 crypto ETPs across European exchanges, solidifying its position as the region’s largest crypto ETP issuer.
“This launch is a natural extension to our DeFi suite,” said Chiu. “Together, DYDX, Uniswap, and Aave represent complementary layers of DeFi infrastructure.”
dYdX’s Future Roadmap and Product Expansion
The launch aligns with dYdX’s broader development plans, which include:
- Telegram-based trading expected later this month
- A new spot market starting with Solana
- Perpetual contracts linked to real-world assets such as equities and indexes
- A staking program with auto-compounding rewards into DYDX token buybacks
- Expanded deposit options across fiat and stablecoins
- A fee discount program for stakers
These innovations enhance the utility of the DYDX token and increase the attractiveness of the ETP as an investment vehicle.
CoinLaw’s Takeaway
In my experience watching the evolution of DeFi, this is one of the most strategic and impactful product launches of the year. What 21Shares has done here is not just package another token into a tradable wrapper. They’ve created a real bridge between institutional capital and decentralized trading infrastructure. The DYDX ETP strips away the complexities of on-chain interaction while keeping exposure to the protocol’s value. If institutions were waiting for a clear, compliant entry point into DeFi, this is it. I found it particularly smart how the ETP mirrors Ethereum ETF models, giving confidence without compromising decentralization.
