On September 11, 2025, Switzerland-based 21Shares expanded its European product lineup by listing the dYdX ETP (ticker: DYDX) on Euronext Paris and Amsterdam. The move is significant, marking the first time European traders and institutions can gain direct exposure to the governance token of dYdX through traditional bank and brokerage channels. This ETP is physically backed and holds actual DYDX tokens via regulated custodians, a model championed by 21Shares across its entire product suite. With market maker Flow Traders securing daily liquidity, investors can enjoy efficient pricing and seamless trading.

Image Source: 21Shares

Why dYdX, Why Now?

dYdX stands out in the crypto derivatives landscape. Since launch, it has processed more than $1.5 trillion in cumulative trades and dominates over 230 perpetual markets. In July 2025 alone, the protocol saw $7.7 billion in trading volume and maintained an active user base of 15,000 weekly traders, cementing its place as a leader in on-chain perpetual swaps. Unlike peers that rely heavily on inflationary rewards, dYdX boasts a distinctive, deflationary tokenomics model: in 2025, it distributed $50 million in actual USDC stablecoin to users. This creates consistent cash flows, rather than fleeting incentives, making DYDX attractive for professional investors seeking sustainable yield.

Product Features & Expansion

Beyond simple price exposure, 21Shares plans to introduce staking and auto-compounding rewards for ETP holders shortly after launch. This means investors could receive extra yield, with staking returns auto-converted into DYDX buybacks. The release also highlighted dYdX’s ambitious expansion roadmap: Telegram-integrated trade execution, the addition of spot markets starting with Solana, and perpetual contracts tied to real-world assets like equities and indexes. This put dYdX on track to deepen its market reach while building on its legacy of decentralized governance—currently overseen by 50 independent validators.

Europe’s Crypto ETP Evolution

With DYDX’s inclusion, 21Shares now manages 48 crypto ETPs across Europe, totaling $11 billion in assets under management—an impressive scale that reflects both European appetite for digital assets and the firm’s pioneering status in the industry. For investors, the arrival of the 21Shares dYdX ETP on Euronext Paris and Amsterdam represents a vital link between decentralized finance’s innovation and mainstream financial infrastructure. Leveraging robust on-chain activity and transparent governance, DYDX is poised to become a flagship asset for professionals looking to engage the high-growth, disruptive world of DeFi.