dYdX don buy Pocket Protector to boost social trading
dYdX don finish im first external acquisition by buy Telegram-based Pocket Protector, one social trading app wey reach $1bn annual volume and get 50,000 users. The deal wey dem fund with cash and dYdX tokens bring Pocket Protector co-founders Eddie Zhang and Kaiser Kinbote join dYdX Trading Inc. as President and Head of Growth, plus im engineering team. Dem go join Pocket Protector perpetual and spot trading bots for main dYdX DeFi platform, wey go better mobile DeFi access and target the underbanked markets. CEO Antonio Juliano talk say talks start for March and close one month later, but dem never talk the valuation. After the announcement, dYdX token (DYDX) rise almost 4%, dem dey trade around $0.68 with $507m market cap. This acquisition na follow the October workforce reduction and December $4m Developer Ecosystem Program launch wey dYdX do, showing say dem dey shift from building infrastructure go user-facing expansion for decentralized exchange sector.
Bullish
Di akwisishan of Pocket Protector na e mean say dYdX dey expand dia tin dem wit social trading plus Telegram bots dem, way go improve user experience plus mobile use. Dis integration go boost more on-chain trade activity plus e go make underbank people wey dey focus on mobile come join, wey go increase demand for DYDX token. The token rally wey happen recently (4% rise) show say market people dey positive. For long term, dis move shift dYdX from just infrastructure focus to wide user engagement, fit make network effects plus token utility strong well. Plus di $4 million Developer Ecosystem Program, dis development plan steady and dey support better future for DYDX.