DeFi Protocol dYdX Acquires Pocket Protector in Major Expansion Move
Decentralized derivatives exchange dYdX has made a strategic move with the acquisition of Pocket Protector, a crypto social trading platform. This is the first-ever external acquisition that the Decentralized Finance (DeFi) protocol will embark on.
dYdX and Pocket Protector Acquisition Highlight
Following the acquisition of Pocket Protector, a significant percentage of its engineering team will join dYdX. Also, co-founders Eddie Zhang and Kaiser Kinbote will join dYdX as President and Head of Growth, respectively. According to dYdX founder and CEO Antonio Juliano, Pocket Protector had a total headcount of nine before this acquisition.
Both firms began discussing the deal in March and successfully closed it about a month later. According to Juliano, the deal was financed using a mix of cash and dYdX tokens, although he did not mention the specific value of the acquisition. With this deal, dYdX is expanding into new forms of trading. It also plans to integrate social features into its core products.
Juliano claims he is excited about having Zhang and Kinbote come into leadership roles in the company. Previously, Zhang was the former Lead of Product at Messenger at Meta Platforms. He also co-founded the social app Fam and spent some time working on consumer growth at Eventbrite.
Similarly, Kinbote has up to a decade of experience in crypto-native product development, including product-led growth, tokenomics, and community building.
Meanwhile, the dYdX dydx $0.68 24h volatility: 4.4% Market cap: $508.95 M Vol. 24h: $31.79 M token is now trading at $0.6802 following a 3.94% increase within the last 24 hours. Boosted by the update tied to the acquisition, the token’s market capitalization is approximately $507 million, and it has a fully diluted valuation of around $645 million.
dYdX Moves From Struggling to Acquisition
The expansion is a significant move for dYdX, considering the challenges it faced in the previous year. In October 2024, dYdX cut its workforce by 35%, impacting both core team members and operations staff. Juliano explained that a leaner team was necessary for the company to achieve its future vision, especially in the crowded Decentralized Finance (DeFi) sector.
At the time, dYdX’s Total Value Locked (TVL) was dropping significantly, but today the situation is different.
As the conditions improved within the company, dYdX decided to launch a Developer Ecosystem Program in December. dYdX approved a $4 million allocation to support the Developer Ecosystem Program (DEP) for 14 months, which is expected to expire around February 2026. It funded the program from the platform’s treasury subDAO.
The protocol came to this decision after a community vote, proving once again the strength of its decentralized governance model. Ultimately, 43 out of 60 active validators and 813 accounts that participated all voted, moving forward the proposal. The turnout was 57.38%, with 75.02% voting in favor of the funding and 0.11% voting “No”.
This $4 million is designated for the program’s expenses, including grants and incentives for developers who contribute to the platform’s infrastructure and tools.
The post DeFi Protocol dYdX Acquires Pocket Protector in Major Expansion Move appeared first on Coinspeaker.
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DeFi Protocol dYdX Acquires Pocket Protector in Major Expansion Move
Decentralized derivatives exchange dYdX has made a strategic move with the acquisition of Pocket Protector, a crypto social trading platform. This is the first-ever external acquisition that the Decentralized Finance (DeFi) protocol will embark on.
dYdX and Pocket Protector Acquisition Highlight
Following the acquisition of Pocket Protector, a significant percentage of its engineering team will join dYdX. Also, co-founders Eddie Zhang and Kaiser Kinbote will join dYdX as President and Head of Growth, respectively. According to dYdX founder and CEO Antonio Juliano, Pocket Protector had a total headcount of nine before this acquisition.
Both firms began discussing the deal in March and successfully closed it about a month later. According to Juliano, the deal was financed using a mix of cash and dYdX tokens, although he did not mention the specific value of the acquisition. With this deal, dYdX is expanding into new forms of trading. It also plans to integrate social features into its core products.
Juliano claims he is excited about having Zhang and Kinbote come into leadership roles in the company. Previously, Zhang was the former Lead of Product at Messenger at Meta Platforms. He also co-founded the social app Fam and spent some time working on consumer growth at Eventbrite.
Similarly, Kinbote has up to a decade of experience in crypto-native product development, including product-led growth, tokenomics, and community building.
Meanwhile, the dYdX dydx $0.68 24h volatility: 4.4% Market cap: $508.95 M Vol. 24h: $31.79 M token is now trading at $0.6802 following a 3.94% increase within the last 24 hours. Boosted by the update tied to the acquisition, the token’s market capitalization is approximately $507 million, and it has a fully diluted valuation of around $645 million.
dYdX Moves From Struggling to Acquisition
The expansion is a significant move for dYdX, considering the challenges it faced in the previous year. In October 2024, dYdX cut its workforce by 35%, impacting both core team members and operations staff. Juliano explained that a leaner team was necessary for the company to achieve its future vision, especially in the crowded Decentralized Finance (DeFi) sector.
At the time, dYdX’s Total Value Locked (TVL) was dropping significantly, but today the situation is different.
As the conditions improved within the company, dYdX decided to launch a Developer Ecosystem Program in December. dYdX approved a $4 million allocation to support the Developer Ecosystem Program (DEP) for 14 months, which is expected to expire around February 2026. It funded the program from the platform’s treasury subDAO.
The protocol came to this decision after a community vote, proving once again the strength of its decentralized governance model. Ultimately, 43 out of 60 active validators and 813 accounts that participated all voted, moving forward the proposal. The turnout was 57.38%, with 75.02% voting in favor of the funding and 0.11% voting “No”.
This $4 million is designated for the program’s expenses, including grants and incentives for developers who contribute to the platform’s infrastructure and tools.
The post DeFi Protocol dYdX Acquires Pocket Protector in Major Expansion Move appeared first on Coinspeaker.
Read More