This time, the focus is on dYdX, one of the largest decentralized derivatives protocols. The new fund gives investors regulated access to DYDX, the protocol’s native token. It extends 21Shares’ efforts to repackage DeFi for traditional markets.
The launch underscores a bigger trend: institutions are warming up to crypto derivatives. Centralized platforms like Binance and Bybit once dominated this segment. By moving into regulated ETPs tied to decentralized protocols, 21Shares is bridging two worlds that have often seemed miles apart.
Making DeFi Simple for Investors
ETPs are financial products that trade on stock exchanges and track the value of an underlying asset. In Europe, crypto ETPs are usually backed one-to-one by the tokens they represent, making them similar in spirit to commodity-backed products such as gold ETFs. For investors, this means they can buy exposure to tokens like DYDX through a brokerage account, without managing wallets, private keys, or custody themselves.
This simplicity matters. While dYdX has processed more than $1.4 trillion in trading volume across its perpetual markets, institutional investors have often stayed on the sidelines due to regulatory and operational hurdles. By launching a DYDX ETP, 21Shares lowers the barriers. This allows pension funds, asset managers, and even retail investors to participate through familiar channels.
As one of the leading platforms in decentralized perpetuals, @dYdX continues to see strong adoption and growth.
We have launched the 21Shares dYdX ETP giving investors a transparent way to access this ecosystem through traditional markets.
Learn more: https://t.co/AI609lNFkl pic.twitter.com/0GlGl79PsP
— 21Shares (@21Shares) September 11, 2025
“Together, DYDX, Uniswap, and Aave represent complementary layers of DeFi infrastructure,” said Mandy Chiu, Head of Financial Product Development at 21Shares. She explained that the DYDX fund adds “a distinctive dimension” by bringing decentralized derivatives into the mix. Market maker Flow Traders will help ensure liquidity and fair pricing, making the product align closely with its net asset value.
A Window Into the Future of DeFi
The launch is more than just another fund. It reflects how DeFi is evolving from experimental tools into institutional-grade products. dYdX, for example, specializes in perpetual futures, a type of contract that allows traders to bet on asset prices without expiration dates. This model has fueled the growth of crypto derivatives, a market now estimated at $28 trillion annually.
Charles d’Haussy, CEO of the dYdX Foundation, called the product a way for institutions to “harness DYDX’s pioneering technology” while the chain itself remains “fully sovereign and decentralized” under community governance.
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