D8X Enables On-Chain Ethena-Like Yield Strategy With Liquid Restaking Tokens as Collateral
D8X Launches on Arbitrum as First LRT-Collateralized Perps DEX
[Zug, Switzerland — 4 June 2024] — D8X, an institutional-grade decentralized exchange for derivatives, announced its mainnet launch on the Arbitrum network, becoming the first perpetual DEX to accept Liquid Restaking Tokens as collateral, enabling users to pursue a yield strategy similar to Ethena, but completely on-chain.
Business and regulatory developments consistently underscore the risks of relying on trust-based, centralized entities to safeguard digital assets, and the importance of fundamental blockchain principles like self-custody.
Already live on Polygon zkEVM and OKX’s X Layer networks, D8X is designed to provide an on-chain trading environment previously only available in Centralized Exchanges.
D8X can accept any ERC-20 token as collateral, including LRTs. In partnership with ether.fi, D8X will offer a weETH collateral pool for traders and liquidity providers. Traders can earn LRT rewards while trading with the collateral, and LPs will earn additional yield from the trading activity.
“We are thrilled to see ether.fi’s weETH integrated as collateral into D8X’s decentralized derivatives exchange. This integration opens up exciting possibilities, such as the on-chain synthetic USD trade,” ether.fi Founder Mike Silagadze said.
D8X traders can use ether.fi’s weETH pool as the basis for a synthetic US dollar trade that enables a delta-neutral yield-bearing strategy.
For example, a trader can use weETH as collateral, open a 1x short on ETH/USD, and thereby create a position that is fully hedged. That synthetic US dollar position earns weETH yield, including ether.fi points, EigenLayer points, ETH staking yield, D8X funding rate payments, and D8X points.
D8X offers this strategy on Arbitrum out-of-the-box with a simple user-friendly interface. The feature also will soon go live on X Layer.
“D8X is the first LRT-collateralized DEX. While you trade, your money continues to work for you, and if you provide liquidity, you earn bigger yields,” D8X Co-Founder Caspar Sauter said. “We are proud to continue rolling out new features thanks to the support from Arbitrum, OKX, Polygon, ether.fi, Angle, and our growing list of partners.”
Demonstrating the flexibility of D8X’s trade engine, the Arbitrum version will also feature a yield-bearing USD stable pool utilizing Angle’s stUSD. DeFi’s composability allows traders to do what traditional finance still cannot achieve — traders can keep earning on their USD collateral while leverage trading.
D8X launched on Polygon zkEVM in February, followed by a May expansion to X Layer. The $D8X token is planned to launch later this year.
D8X held a successful $1.5 million pre-seed funding round, with participation from Polygon Ventures, Axelar, Swissborg, HV Capital, Cogitent Ventures, Veris Ventures, Pragma Ventures, Decima Fund, CryptoDiscover and others.
DeFi users can utilize D8X’s powerful derivatives features on front-ends hosted by partners including octofi.io, freelyperps.com, defisaint.xyz and decentralized-perps.com with many more in development.
About D8X:
D8X is a P2 Ventures-supported institutional-grade perpetual futures DEX with a financial engineering approach that elevates the way perpetual futures can be traded on-chain. Think of a powerful and decentralized trading platform on Polygon zkEVM, OKX’s X Layer and Arbitrum that offers white-labeling to institutions. D8X’s pricing mechanism adapts to changing market conditions protecting liquidity providers and profitable traders in volatile periods, resulting in superior DeFi trading conditions.
D8X Twitter: https://twitter.com/d8x_exchange
D8X GitHub: https://github.com/D8-X
D8X Docs: https://d8x.gitbook.io/
For media inquiries or more information, please visit https://d8x.exchange/press
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